Russia and Sanctions
Converting roubles into crypto enables Russian businesses to operate within a separate financial system. “It’s become indispensable” to the Kremlin, says Tom Keatinge, founding director of the Centre for Finance and Security at the Royal United Services Institute (Rusi). “Once you’re in the crypto world, you’re basically off and running. In that world, there are no further checks.”...Russia is using crypto primarily to purchase electronics, chips and other components for its military-industrial complex from China, says Keatinge. “We’re not talking about bullets and artillery shells but the critical components like ball bearings and microchips.”...The West must go further, says Keatinge. “We’re spending all this time and effort trying to disrupt Russia’s ability to raise revenue through oil. But we’re spending very little time focusing on how Russia is spending the revenue it earns.”
