Business News

Are Russia's elite really using cryptocurrency to evade sanctions?

Written by Dr Paul Mazzola, Lecturer Banking and Finance, Faculty of Business and Law, University of Wollongong

Anatoly Maltsev/EPA

Fearing Russia’s elite will evade economic sanctions by converting their wealth to cryptocurrency, high-profile US Democratic senator Elizabeth Warren has introduced a bill into US Congress to stymie Russian crypto transactions.

Warren warned a Senate committee hearing:

So no one can argue that Russia can evade all sanctions...

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