Russian Official Claims Sanctions Won’t Block Russia’s Access to Cryptocurrencies
Russian official Anton Gorelkin asserts that Western sanctions will not be sufficient to prevent Russia from accessing the cryptocurrency markets, which he sees as a key tool to bypass economic restrictions.
The European Union has imposed sanctions on the Russian exchange Garantex, which has already been targeted by the United States since 2022 due to its links with sanctioned Russian banks.
Russia is exploring alternatives such as non-USDT-related cryptocurrencies and decentralized payments to continue its transactions despite the escalating sanctions.
High-Ranking Russian Official Asserts the Inability to Fully Block Cryptocurrency Access
Russian official Anton Gorelkin, Vice Chairman of the State Duma Information Policy Committee, has stated that Western sanctions will not completely block Russia’s access to the cryptocurrency market. According to him, cryptocurrency remains one of the most effective tools to circumvent the economic restrictions imposed by the United States and the European Union.
In a Telegram message quoted by the TASS news agency, Gorelkin declared:
It must be acknowledged that it is impossible to completely block the cryptocurrency market for Russia, and these assets will continue to be one of the most effective instruments for evading sanctions, even if USDT may be excluded from this list.
The European Union Targets Russian Platform Garantex
These statements come as the European Union recently imposed sanctions on the Russian exchange Garantex, which had already been subject to American restrictions since April 2022. Brussels justifies this decision due to the close links between Garantex and several Russian banks sanctioned by the EU.
The official announcement underscores Europe’s intention to intensify economic pressure on Moscow:
This package of sanctions targets actors responsible for circumventing EU sanctions, including through third countries. The European Union remains ready to further strengthen its measures against Russia.
An Intensifying Economic War
Gorelkin believes that this Western offensive against Russian crypto infrastructure is just beginning, and that other platforms or services could be targeted in the future. He accuses the United States and the EU of using cryptocurrency regulation for political purposes, while reaffirming that Russia will always find ways to maintain its access to these markets.
As sanctions continue to multiply, Russia is exploring other strategies, including the use of alternative cryptocurrencies and decentralized payment systems to continue its international transactions.
