Russians are flocking to cryptocurrencies like bitcoin and tether that operate on a decentralised network and therefore are not directly affected by sanctions. (Credits: Shutterstock)
Berlin, Germany: The Group of Seven industrialised nations are examining ways to stop individuals or companies targeted by Western sanctions over Russia’s invasion of Ukraine using cryptocurrencies to dodge the punitive measures, Germany’s finance minister said Wednesday.
“We should take measures to prevent listed persons and institutions from switching to unregulated cryptoassets. We are working towards this in the context of the German presidency of the G7,” said Christian Lindner.
Ukraine’s deputy prime minister Mykhailo Fedorov, who is also minister of the country’s digital transformation, has demanded via Twitter that crypto platforms block Russian accounts.
© Agence France-Presse
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