Al Jazeera has reported referring to the opinions of several experts that cryptos will not help Russia to circumvent financial sanctions due to the scale of both the economy and the restrictions imposed.
Last February 28, the European Union, the United States, Great Britain and Canada announced sanctions against the Bank of Russia and the Russian National Wealth Fund of Russia. In addition, the US Treasury further limited the ability to use the country's foreign exchange reserves in the amount of $630 million.
Before this happened, Western countries decided to disconnect some Russian banks from the SWIFT system due to the war against Ukraine.
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Experts have confirmed to Al Jazeera that cryptos could be used to evade sanctions, just as Iran or North Korea do. However, the possibilities of such maneuvers for Russia are limited.
Unlike these countries, Russia has been deeply integrated into the global financial system over the past decades. Up to 80% of the country's daily foreign exchange transactions are conducted in foreign currency, and half of international trade is conducted in dollars. As a result, Russia would not have it as "easy" as these countries to circumvent tough sanctions with the help of digital assets.