Russian Businesses are Circumventing Sanctions by Using Cryptocurrencies

Russian businesses operating within the Russian Federation have begun to use cryptocurrencies to circumvent sanctions in cross-border transactions, according to the Ministry of Finance. This was stated in an interview by the director of the financial policy department of the Ministry of Finance, Ivan Chebeskov. Russian businesses are already getting around sanctions with the help of cryptocurrencies. This is despite the fact regulation of the crypto scene in the Russian Federation has not yet been properly configured. Chebeskov did not specify which companies are in question. However, it was reported that the volume of transactions has increased several times. This is against the background of a tightening sanction regime.

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