Russia’s efforts to boost its financial transactions would undoubtedly be supported by increased emphasis on cryptocurrency, according to experts, but Treasury officials have refute the claim that crypto could be a major force behind sanctions evasion.
Treasury Under Secretary Brian E. Nelson stated that” Russia is extremely turning to other payment methods to avoid US restrictions and continue to fund its battle against Ukraine.”
Treasury will continue to expose and destroy the businesses that are trying to support sanctioned Russian economic institutions reconnect to the global financial system as the Kremlin seeks to utilize companies in the economic systems area.
According to Matthew Miller, a spokesman for the State Department, the action “reaffirms the G7’s commitment to limit Russia’s use of the global financial system to advance its war against Ukraine.” It furthermore reflects our continued attempts to targeted companies servicing Russia’s main economic system”.