Big NEWS for Crypto Traders (Russia may Be Accepting Cryptocurrencies as Payment for Oil and Gas)

Big NEWS for Crypto Traders (Russia may Be Accepting Cryptocurrencies as Payment for Oil and Gas)

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Following Russia's invasion of Crimea in 2014, the United States banned Americans from doing business with Russian banks, oil and gas producers, and other companies. The impact on Russia's economy was immediate and severe. According to economists, sanctions applied by Western countries cost Russia $50 billion every year.
The global market for cryptocurrencies and other digital assets has grown dramatically since then. That's bad news for sanctions enforcement, but good news for Russia.
The Biden administration imposed new sanctions on Russia recently in response to the war in Ukraine, aimed at limiting the country's access to foreign finance. Experts say Russian companies are planning to minimize some of the worst effects by striking arrangements with anyone willing to work with them wherever in the world. They claim that these entities can then employ digital currencies to circumvent government control points, such as bank transfers, to prevent contract implementation.
"Russia has had a lot of time to think about this exact consequence," said Michael Parker, a former federal prosecutor who now leads Ferrari & Associates' anti-money laundering and sanctions practice. "It would be stupid to believe they haven't played out this scenario in detail."

🕒 Timestamps 🕒
00:00 Introduction
01:40 The Sanctions
03:23 Russia Finding Ways to Trade with Cryptocurrencies
05:23 The Cryptocurrency Effects on the Sanctions
09:41 Final Thought

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