- Russia invading Ukraine has sparked massive destruction, with various sectors getting affected.
- Russian Oligarchs and Billionaires who are a target of International sanctions have the option of Bitcoin, highlights a London-based lawyer.
- Because access to traditional finance systems is getting tough for the parties affected, the need to rely on virtual assets is increasing.
According to a London-based lawyer, Russian Oligarchs and Billionaires face serious financial restrictions as they take steps towards Bitcoin. This is happening post Russia’s invasion of Ukraine.
According to Nigel Kusher, the Chief Executive of Law firm W Legal, the issue is where they would move their cash; they would not want to move it in Russia. And that some purchase Bitcoin, but it’s tricky for them. He further said that Bitcoin is the only option for some Russian Oligarchs and Billionaires targeted by international sanctions. He questioned as to where else they could put their money when the Russian bank would touch you once you’re on the sanction list. Nigel Kusher has worked with several wealthy Russians.
Crypto exchanges are witnessing utmost pressure globally to shut down transactions with Russia. While trading with Russia’s Rubble and the virtual assets have increased massively after Russia besieged Ukraine, says data.
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Due to a drop in Russian Ruble-Bitcoin (RUB/BTC), the volume went to its nine-month peak. Whereas, the Ukrainian Hryvnia volume in the crypto sector has also seen its record highs as its been primarily affected.
Recently, Ukrainian Vice Prime Minister Mykhailo Fedorov has asked significant crypto exchanges to block Russian users’ addresses. Although coins holdings of prominent exchanges like Coinbase or Binance can be seized, it would be relatively impossible to lock people entirely out of the sector given the anonymous nature of Bitcoin and other cryptocurrencies along with their decentralized nature.
The U.K. recently announced economic sanctions for vitiating Russian state companies and banks, along with ministers warning law firms who work with oligarchs. Meanwhile, the British government has also disclosed new powers to seize cryptocurrencies and Bitcoin. And the European Union also added around twenty-six wealthy Russians to the listicle of sanctioned entities.
This war has indeed affected several sectors, and the worsening situation would further affect the finance and economy of the countries.
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Source: https://www.thecoinrepublic.com/2022/03/25/russian-oligarchs-and-billionaires-sanctioned-have-only-bitcoin-to-go-to/