European Central Bank President Christine Lagarde said on Tuesday that there were signs some Russians were trying to circumvent sanctions by exchanging rubles for cryptocurrencies and stablecoins.
Speaking at the BIS Innovation Summit 2022 on Tuesday, ECB President Christine Lagarde said: “We are seeing the ruble going into stablecoins, going into cryptocurrencies in volume, which is currently the highest we’ve seen since 2021.
Lagarde added: “As we speak, cryptoassets are definitely being used as a way to try to circumvent sanctions. European officials have expressed concern that digital assets could be used to weaken the effects of sanctions introduced in response to Russia’s invasion of Ukraine.
Lagarde also warned that cryptocurrency exchanges could become accomplices in such crimes. We have taken steps to make it clear to all providers who are helping sanctioned individuals or businesses exchange, trade, or offer cryptocurrency-related assets that they are becoming accomplices in sanctions evasion.