Tag: Russia

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US Lawmaker Proposes Stricter Digital Asset Regulations to Enforce Russian Sanctions

U.S. Congressman Brad Sherman has proposed an amendment designed to enhance the enforcement of sanctions on Russian digital assets. The amendment allows the Treasury Secretary to prohibit crypto transactions linked to Russian entities and requires U.S. taxpayers to report crypto transactions offshore exceeding $10,000 to the Financial Crimes Enforcement Network (FinCEN). New Amendment Seeks to…
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US Treasury Expands Sanctions to Cripple Russian War Economy

The U.S. Treasury Department announced Wednesday that over 300 new sanctions have been issued to intensify pressure on Russia for its ongoing war against Ukraine. These measures, in alignment with G7 commitments, target entities and individuals globally to cripple Russia’s military-industrial base by restricting access to U.S. software, IT services, and foreign financial support. The…
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Russia Set to Recognize Bitcoin Mining as Economic Activity

According to Osman Kabaloev, the Deputy Director of the Financial Policy Department at Russia’s Ministry of Finance, the recognition of Bitcoin mining as an official economic activity is set to happen soon. Following the approval of a law regulating cryptocurrency mining, this activity would be assigned an OKVED code, which classifies company activities for licensing…
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30 Countries Seek to Join BRICS, Russian Ambassador to China Says

Russian Ambassador to China Igor Morgulov disclosed that approximately 30 countries are interested in joining the BRICS economic bloc in an opinion piece published by the South China Morning Post last week. BRICS welcomed five new members in January: Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia. Last week, Russian Presidential Spokesman…
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Companies Turn to Crypto for Payments as G7 and EU Mull Sanctions on Russian SWIFT Equivalent

Some Russian companies have turned to using crypto to settle payments and protect themselves from potential secondary sanctions from Western countries. At least two top metal producers have transacted using USDT, the largest stablecoin in the crypto market, as the G7 and the EU mull more sanctions against alternatives for these operations. Crypto Used as…
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Russian Central Bank Flags Sharp Rise in Crypto-related Activity

The Russian Central Bank says it has noticed a significant rise in citizens’ transactions on crypto exchanges and peer-to-peer crypto trading platforms. Per the Russian media outlet RBC, the bank has published a financial stability report, making several observations on Russian citizens’ crypto transactions. The bank wrote about trends it had noticed from the fourth…
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Russian Experts Say Bitcoin Bull Market Will Fall Short of 2017 Highs

The current Bitcoin bull market is falling short of the highs of 2017, Russian experts claimed on May 20. The comments came in a Bitcoin- and crypto-themed report from the Roscongress Foundation, one of Russia’s biggest development-focused NGOs and conference organizers. ‘Bitcoin Bull Market Fever Will Falter’ – Experts Weigh in The report’s authors claimed…
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‘Really Stupid and a Huge Mistake:’ Putin Blasts US Actions Blocking Payments to China; Exporters Turn to Small Banks and Crypto

Russian President Vladimir Putin charged against the U.S. actions seeking to block Russian payments to China and other countries. During a two-day trip to China, the Russian leader emphasized that this strategy was “really stupid and a huge mistake,” considering that these actions affected the status of the U.S. dollar as a reserve currency. Russian…
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Western Banks Face Major Asset Seizure in Russia Amid Gazprom Subsidiary Dispute

In a significant move against western banks, a St Petersburg court has seized over $763 million of assets from Unicredit, Deutsche Bank, and Commerzbank, following a dispute with a subsidiary of Gazprom. This seizure, one of the largest since Moscow’s invasion of Ukraine, includes $504 million of Unicredit’s assets, equivalent to about 4.5% of its…
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Russia and Iran Collaborating on Single BRICS Currency, Iranian Ambassador Says

Russia and Iran are collaborating on creating a single BRICS currency, the Iranian ambassador to Russia has claimed. He noted that over 60% of the two nations’ bilateral trade is conducted in Russian rubles and rials, reflecting a shift away from the U.S. dollar. Russia-Iran Trade Flourishes With National Currencies Iran and Russia are reportedly…
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