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Russia could use cryptocurrency to blunt the force of US sanctions

Russian companies have many cryptocurrency tools at their disposal to evade sanctions, including a so-called digital ruble and ransomware

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Emily Flitter and David Yaffe-Bellany | NYT
When the United States barred Americans from doing business with Russian banks, oil and gas developers and other companies in 2014, after the country’s invasion of Crimea, the hit to Russia’s economy was swift and immense. Economists estimated that sanctions imposed by Western nations cost Russia $50 billion a year.

Since then, the global market for cryptocurrencies and other digital assets has ballooned. That’s bad news for enforcers of sanctions, and good news for Russia.

On Tuesday, the Biden administration enacted fresh sanctions on Russia over the conflict in Ukraine, aiming to thwart its access to foreign capital. But Russian entities are

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First Published: Feb 24 2022 | 3:03 PM IST

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