EU checking if cryptoassets are being used to bust Russian sanctions

Key Facts

• (Reuters)The European Commission is studying whether cryptoassets are being used to get around financial sanctions imposed on Russian banks following the country's invasion of Ukraine, a senior European Union official said on Wednesday.
• Trading volumes between the Russian rouble and the Tether cryptocurrency spiked on Monday as the local currency tumbled to a record low on Western sanctions.
• A senior EU official said the EU is aware that cryptoassets were a "possible circumvention route" to avoid sanctions imposed by the bloc and other western powers.
• The EU's executive European Commission has been reading reports in the press on cryptoassets and has also received information directly, the official said.

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