Ukraine promises sanctions over Russia’s use of Bitcoin in foreign trade: report

Ukraine is preparing to block Russia from using Bitcoin and other cryptocurrencies in foreign trade, and sanctions are already in place.

The Ukrainian government has announced plans to impose “sanctions and other solutions” aimed at blocking Russia’s use of Bitcoin (BTC) in international payments, just a day after Russian finance minister Anton Siluanov publicly revealed that Russian companies are using cryptocurrencies to evade the West. sanctions.

Vladyslav Vlasiuk, an advisor to the Ukrainian president, said that Ukraine warned its international partners about Russia’s intentions earlier this year and that measures to prevent unwanted crypto payments were already being developed, Ukrainska Pravda reported.

“Are we ever surprised? No, without exaggeration, we were the first to draw the attention of our partners to such plans of the enemy in the summer. “Appropriate sanctions and other solutions are already being prepared to prevent the possibility of unwanted cryptocurrency payments being used.”

Vladyslav Vlasiuk

Russia is pursuing Plan B

Russia is seeking to circumvent sanctions that affect its ability to make and receive international payments, even with countries like China. As Crypto.news previously reported, Russian companies have turned to using stablecoins like Tether (USDT) to conduct cross-border transactions.

Some of Russia’s largest metals producers have begun using stablecoins to trade with their Chinese customers, but details on the volume of this trade are unclear. Sources said other alternatives were much slower or could run the risk of having an overseas bank account frozen.

Siluanov’s confession came just months after the Kremlin created a legal framework for Bitcoin miners; This framework also includes a provision allowing approved companies to use crypto for international trade.