Janet Yellen Monitoring Whether Russians are Evading Sanctions Via Cryptocurrencies

US Treasury Secretary Janet Yellen said the government is actively monitoring whether or not Russian officials and institutions are reverting to cryptocurrency markets to evade recently imposed Western and European sanctions.

“We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them,” said Yellen, as cited by the Wall Street Journal. Several Senate members have recently expressed concerns over Russian financial institutions and central bank officials using cryptocurrencies to evade broad sanctions imposed by the West in response to President Vladimir Putin’s invasion of Ukraine.

“I often hear cryptocurrency mentioned and that is a channel to be watched,” she said, assuring that most crypto platforms must abide by anti-money laundering and sanctions regulations. “It’s not that that sector is completely one where things can be evaded.”

The Russia-Ukraine conflict prompted a sharp increase in demand for cryptocurrencies across both countries, as citizens look for alternative payment networks that skirt regulated intermediaries.

nformation for this briefing was found via the WSJ. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Russia Fails to Make Interest Payment on Dollar Bonds

Holders of Russian dollar-denominated bonds that had coupon payments due Wednesday have yet to receive...

Thursday, March 17, 2022, 11:50:00 AM

Binance Sheds Over 1,000 Jobs Amid Mounting Regulatory Pressure

Binance is reportedly downsizing its workforce in the wake of mounting regulatory scrutiny and legal...

Saturday, July 15, 2023, 03:22:00 PM

‘We Are Ready to Step Up’: EU Unveils €800 Billion Defense Plan After Trump Halts Ukraine Aid

The European Union announced an ambitious €800 billion defense plan on Tuesday, just hours after...

Wednesday, March 5, 2025, 12:53:00 PM

Kinross Gold Finally Divesting Russian Assets

Kinross Gold Corporation (TSX: K) is looking to pack up its Russian things and go...

Wednesday, March 30, 2022, 09:31:02 AM

Biden Administration Eases Venezuelan Energy Sanctions in Effort to Boost Oil Supply

The White House is moving ahead with easing sanctions on Venezuela’s government, in a bid...

Wednesday, May 18, 2022, 04:34:00 PM