US Treasury Department to take measures if the Russian Federation tries to circumvent sanctions with cryptocurrencies

This was stated by US Treasury Secretary Janet Yellen

22.04.2022 - 08:15

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What’s new? Washington believes that Russia will make attempts to circumvent sanctions by using cryptocurrencies. In this case, the US will take appropriate measures. US Treasury Secretary Janet Yellen said this at a press conference on Thursday, TASS reports.

News on the TASS website

What other statements have been made? Janet Yellen stressed that the United States has not yet recorded a widespread circumvention of sanctions through cryptocurrencies by Russia. However, Washington will crack down on any attempts to do so.

What events preceded it? Earlier, similar statements were made by IMF Managing Director Kristalina Georgieva. At the Spring Meetings 2022 conference, she reported that there is no conclusive evidence of the use of cryptocurrencies by the government, companies, or individuals to massively circumvent sanctions in Russia. Georgieva clarified that the IMF closely monitors Russia’s actions and monitors compliance with Western sanctions against the country.

In April, the IMF experts also published the “Global financial stability report.” It was reported that mining on energy-intensive blockchains such as bitcoin will allow countries to monetize energy resources whose exports will be blocked due to sanctions.

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