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.