Russian lawmakers claim sanctions won't prevent Russians from using cryptocurrencies to bypass economic restrictions. We discuss statements by Anton Gorelkin and recent EU sanctions.
Statements from Russian Lawmakers
Anton Gorelkin, deputy head of the State Duma Committee on Information Policy, stated on Telegram that a complete blockade of Russia from the crypto market is impossible. He noted that digital assets will remain a key tool for bypassing sanctions, though the use of USDT is no longer a reliable option.
New Sanctions and Their Impact
The latest EU sanctions targeted the Russian crypto exchange Garantex, which was already blacklisted by the U.S. in April 2022. The EU cited Garantex’s ties to sanctioned Russian banks as a reason for the new restrictions. U.S. and UK authorities are also investigating the movement of $20 billion in the USD-pegged stablecoin tether through Garantex. Meanwhile, crypto exchange aggregator BestChange found its website blocked by Russia’s communications watchdog, Roskomnadzor, with the reason for the restriction still unclear.
Russia's Crypto Sector and Potential Changes
Russia continues to ban circulating and advertising digital currencies, although some crypto-related activities remain permitted. For example, crypto mining was legalized last year, now being taxed with an expected revenue of up to 200 billion rubles annually. However, mining has been restricted in some Siberian regions to prevent power shortages. Russia has also allowed the use of cryptocurrencies for international trade, bypassing Western sanctions.
Despite external pressure and sanctions, Russia maintains access to cryptocurrencies by adapting its legislation and approach to using digital assets for international transactions.
