Report Claims Cryptocurrencies Could Bypass President Biden’s “Devastating” Sanctions on Russian Banks and Elites

©Reuters. Report Claims Cryptocurrencies Could Bypass President Biden’s “Devastating” Sanctions on Russian Banks and Elites

The sanctions announced by the president of the United States, Joe Biden, in response to Russia’s attack on Ukraine did not include the cutoff of payments to the country in the SWIFT system or cryptocurrency transfers.

In an announcement Thursday from the White House, Biden said the United States and its allies and partners would apply sanctions aimed at imposing “devastating costs” on Russia because of “Putin’s war against Ukraine.” The US president announced that the country will cut off its financial system from the largest Russian bank, Sberbank (MCX:), in addition to imposing “total blocking sanctions” on VTB Bank, Bank Otkritie, Sovcombank OJSC, Novikombank and their subsidiaries. Biden also named several elite citizens who have “enriched themselves at the expense of the Russian state” as part of the sanctions imposed on Russia.

However, speaking to reporters on Thursday, Biden announced that the economic measures would not extend to cutting Russia off from the SWIFT network – a payments system used around the world – in response to European officials. Leaving this option available to the Russians and apparently not being able to block cryptocurrency transfers could apparently mitigate the impact of any sanctions imposed by the United States and its allies.

Read the full article on Cointelegraph

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