{"id":85069,"date":"2023-11-15T21:43:57","date_gmt":"2023-11-16T02:43:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russians-dodge-sanctions-to-use-intl-crypto-exchanges\/"},"modified":"2023-11-15T21:43:59","modified_gmt":"2023-11-16T02:43:59","slug":"russians-dodge-sanctions-to-use-intl-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85069","title":{"rendered":"Russians Dodge Sanctions to Use Int\u2019l Crypto Exchanges"},"content":{"rendered":"
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Russian crypto holders have reportedly used simple workarounds to evade sanctions \u2013 and trade on overseas crypto exchanges.<\/p>\n

In the wake of the war in Ukraine, Western leaders have imposed sanctions on most leading Russian banks.<\/p>\n

Account holders at these banks, thus, are effectively blocked from using fiat on\/off ramps at major international crypto exchanges.<\/p>\n

Platforms automatically block transactions that make mention of the Russian banks on United States government-curated sanctions lists.<\/p>\n

But, Kommersant reported, many exchanges only check self-reported transaction declarations from senders.<\/p>\n

As such, the media outlet wrote:<\/p>\n

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\u201cRussians have been able to bypass restrictions. Instead of Sberbank, for example, they write \u2018green bank;\u2019 instead of Alfa-Bank, they write \u2018red\u2019 or \u2018A-Bank.\u2019 And instead of \u2018Tinkoff,\u2019 they write \u2018yellow.\u2019\u201d<\/p>\n<\/blockquote>\n

As a result, the media outlet noted, \u201cabout half of all [Russian] transactions\u201d over the past six months \u201cwere carried out via firms included on the US Treasury\u2019s sanctions list.\u201d<\/p>\n