The US implements new sanctions against Russian crypto exchanges, specifically Garantex and Grinex, amid negotiations with Vladimir Putin. The sanctions focus on asset freezes and show limited impact on major cryptocurrencies.
Renewed US Sanctions Against Russian Exchanges
The Office of Foreign Assets Control (OFAC) has imposed new sanctions on Russian cryptocurrency exchanges, including Garantex. This comes as discussions take place between Donald Trump and Vladimir Putin, highlighting the focus on illicit crypto flows and cyber activities.
> "Today, OFAC is re-designating the Russian-linked cryptocurrency exchange Garantex...for enabling ransomware and illicit cyber activity." - reports the US Treasury.
Financial Measures and Their Impact
The sanctions involve freezing approximately **$27 million USDT** associated with illegal activities through Garantex. Despite these measures, major cryptocurrencies like Bitcoin and Ethereum remain largely unaffected amid political maneuvers.
Stability of the Crypto Market
Financial actors observed minimal disruptions within the crypto market ecosystem. Volatility and trading volumes for most digital assets remained stable, even as sanctions targeted specific Russian-linked exchanges and funds. Historical precedents suggest that significant market effects arise primarily from direct regulatory changes rather than geopolitical summits.
The recent sanctions highlight the growing attention to crypto regulation, yet the current state of the market demonstrates its resilience to political decisions.
