According to a London-based lawyer, Russian oligarchs and billionaires who have been subjected to harsh financial limitations as a result of the country’s invasion of Ukraine are turning to bitcoin.
“The immediate difficulty they have is where they’re going to move their money, and they certainly don’t want to move it into Russia,”
That’s, according to Nigel Kusher, the CEO of law company W Legal. Of course, who is dealing with a number of unnamed affluent Russians, to the BBC.
“Some might purchase bitcoin, it’s really tricky for them,” Kusher says, adding it’s
“the only option” for certain Russian oligarchs and billionaires targeted by international sanctions.
“No bank in the world, other than a Russian bank will touch you once you’re on the sanctions list, so where else could you put your money?”
According to statistics from Chainalysis, a crypto research firm, crypto exchanges around the world have been pressured to restrict transactions with Russia, while trading between Russia’s ruble and cryptocurrencies has doubled since the assault on Ukraine began, hitting $60 million per day.
The United Kingdom issued economic measures this week aimed at crippling Russian state industries and banks, with ministers warning that law firms that collaborate with oligarchs to avoid sanctions could be targeted as well. The government of the United Kingdom has also announced additional measures to seize bitcoin and other cryptocurrencies.
Earlier this week, during his first State of the Union speech, US President Joe Biden praised western unity in the face of Russia’s onslaught on Ukraine, while also warning that more economic sanctions could be on the way.
Earlier this week, during his first State of the Union speech to a joint session of Congress, US President Joe Biden praised western unity in the face of Russia’s aggression on Ukraine, while also warning that more economic sanctions could be on the way.
Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors
