EU investigates whether crypto is being used to circumvent sanctions
A recent report from Reuters confirms that the European Union is looking into the fact if cryptocurrencies or digital assets are being used to "get round financial sanctions imposed on Russian banks following the country's invasion of Ukraine."
EU imposing sanctions on Russia
Recently, the EU excluded seven Russian banks from the SWIFT international money transfer system. Furthermore, the Council of the European Union concluded in their statement that they are prohibiting "the provision of specialized financial messaging services, which are used to exchange financial data (SWIFT)" to 7 Russian Banks which includes Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, VNESHECONOMBANK (VEB), and VTB BANK.The reason for this exclusion imposed by the EU was "in view of the Russian Federation's unprovoked and unjustified military aggression against Ukraine," said the official statement. The conflict between Russia and Ukraine began on Feb 24, crashing the crypto market.
A rise in trading volumes
The EU officials noted that the trading volumes between the Russian rouble and the Tether cryptocurrency shot up on Monday. Moreover, the local currency fell down to a record low on Western sanctions. The rise in trading volumes hinted that cryptocurrencies are a "possible circumvention route" to avoid sanctions implemented by the West.A spokesperson told Reuters that "the increase in value of some of these assets may be a response to attempts to circumvent the sanctions. We are looking into this, but no decision has been taken." On the other hand, it is also important to note that Binance and Coinbase, two of the world's biggest cryptocurrency exchanges, have refused to comply with the request from the government of Ukraine to freeze the accounts of users who are in Russia.
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