The White House wants to take immediate action so that Russia cannot use cryptocurrency platforms to evade economic sanctions. In a decree, details of which are likely to emerge today, it is stated that the US government can take swift action against any entity that attempts to circumvent sanctions against Russia, including activities involving cryptocurrencies.

At the weekend, there were allegations that the country would start using cryptocurrencies with more drastic measures taken against Russia. Because the USA and Western countries, with a joint decision, removed some Russian banks from the SWIFT system and blocked their assets abroad.

It is known that the share of Russia in the total crypto market is at the level of 12 percent. The high share of the country in the crypto market strengthened the possibility of using the crypto industry effectively against sanctions.

Ukraine Russian Bitcoin

Significant increase in cryptocurrency transaction volume in Russia after sanctions

From the beginning of the week, significant increases began to be seen in Russia's crypto transaction volumes. While the country's national currency depreciated significantly against Bitcoin, transaction volumes reached the highest level in the last 9 months as Russian investors turned to Bitcoin and other cryptocurrencies.

The Ukrainian administration made a quick call within the framework of the prediction that Russia can use the crypto sector effectively. The Ukrainian government has submitted a request to block cryptocurrency exchanges to include Russian citizens. Major cryptocurrency exchanges, on the other hand, responded negatively to this request due to the decentralized nature of cryptocurrencies and the need to be isolated from politics. Now, after the US Department of Justice clarified its decision, it seems likely that crypto exchanges will close their platforms to Russian investors.