BLUF

The US and most other wealthy countries (China being a significant exception) are applying some of the severest economic sanctions—ever used—against Russia because of its invasion of Ukraine.

Summary

This article by Victoria Ticha, writing for UNSW Newsroom, makes the following points:
  • Russian separatists and Ukrainian militias have used social media to fund their causes via global cryptocurrency donations.
  • To date, data by blockchain tracking firm Elliptic shows cryptocurrency investors have donated more than $US57 million worth of digital assets to the Ukrainian government and a non-profit agency supporting the country’s military.
  • There are growing concerns that Russia might use crypto to circumvent sanctions, as it has one of the highest crypto adoption levels in the world.
  • While some speculate that cryptocurrency alone will not save Russia from the sanctions, others believe it could, despite it being costly and requiring assistance from third parties.

References

Recent Runway Posts related to this topic:

THE 2022 RUSSO-UKRAINE CONFLICT | The Runway (govcms.gov.au)

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