ECB Warns Cryptocurrencies a Sanctions Workaround: Sanctions Update

European Central Bank President Christine Lagarde said Tuesday that Russian individuals and corporations are leveraging cryptocurrencies to evade Western sanctions.

According to Business Insider, Lagarde said at a conference Tuesday that cryptocurrencies, “are certainly being used, as we speak, as a way to circumvent the sanctions that have been decided by many countries around the world against Russia and a specific number or players.”

Lagarde also said she was “most concerned” about the high volume of rubles being converted into crypto assets since Russia was hit with a barrage of financial sanctions over last month’s invasion of Ukraine.

Related sanctions news:

• U.S. Bank Profits Could be Hit by Russia-Linked Asset Swings (Reuters)
• Limited Russian Stock Market Trading to Resume March 24, Central Bank Says (Reuters)
• Credit Agricole Suspends Activities in Russia (American Banker)
• S&P Global Ratings to Withdraw Ratings on Russian Entities (Business Insider)
• Putin May Finally Be Gearing Up for Cyber War (Bloomberg)

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