Russia’s ability to employ cryptocurrencies to circumvent international sanctions is restricted by the limited size of the crypto market, according to Moody’s. Despite increased use in small transactions, low liquidity is another factor preventing Russians from exploiting the utility of bitcoin and the like.
Crypto Assets Not Viable Option for Sanctioned Russia, Moody’s Report Suggests
Western sanctions, imposed on Russia over its invasion of Ukraine, have raised questions whether Russian citizens and government can utilize cryptocurrencies to bypass the restrictions and conduct financial transactions, Moody’s Investors Service notes in a report published this week.
The agency’s bond credit rating unit highlights the recent increase in the volume of small transactions made by Russians. But the authors also say that despite their anonymous nature, crypto assets are not that useful when it comes to evading financial penalties. They insist:
Given the ruble-to-crypto market’s
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