TechFlow news — On March 23, European Central Bank President Christine Lagarde stated on Tuesday (March 22) that there are signs some Russians are attempting to circumvent sanctions by converting rubles into cryptocurrencies and stablecoins. Speaking at the 2022 BIS Innovation Summit, ECB President Lagarde said: "We are seeing volumes of rubles moving into stablecoins and into cryptocurrency at levels higher than anything we've seen since 2021." Lagarde added: "As we speak, crypto assets are certainly being used as a way to try to circumvent sanctions." European officials have expressed concerns that digital assets could be used to undermine the effectiveness of sanctions imposed in response to Russia's invasion of Ukraine.
Lagarde also warned that cryptocurrency exchanges could become accomplices in such activities. "We have taken steps to make it clear to all providers facilitating exchanges, transactions, or services related to crypto assets for sanctioned individuals or entities that they are becoming accomplices in sanction evasion."
