FBI says Russia overestimates its ability to evade sanctions using crypto

The Russians' Ability to Bypass Cryptocurrency Sanctions Is Highly Overrated During a Senate Intelligence Committee hearing, New Mexico Senator Martin Heinrich asked the FBI director whether Russia could use Chinese currency or cryptocurrency to evade US sanctions. Director Wray said the FBI and its partners have built significant expertise in digital assets, citing the department's recent work in seizing large amounts of tokens as evidence of vulnerabilities in the use of crypto. to circumvent sanctions.

Russia hit hard by sanctions National Intelligence Directorate Avril Haines added that Russian President Vladimir Putin probably anticipated Western sanctions and built up a reserve fund to mitigate the economic impact. However, she said the US Treasury Department and other foreign governments have made it very difficult for Russia to access their funds abroad. As a result, the Russians are still hit hard. After Russia's invasion of Ukraine, the United States and governments across the European Union imposed sanctions designed to financially harm Russia. Many agencies and departments, including the US Financial Crimes Enforcement Network and the European Commission, said they would look into the possibility of Russia using crypto to evade sanctions. US President Joe Biden also signed a executive order that aims to create a regulatory framework for crypto that lists the risks of circumventing sanctions.

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