Russian official says sanctions won’t prevent country's access to the cryptocurrency market

A senior Russian official has stated that sanctions will not fully prevent Russians from accessing the cryptocurrency market or using it to bypass sanctions.

Deputy Head of the State Duma Committee on Information Policy Anton Gorelkin stated that it is impossible to completely block the cryptocurrency market for Russians. He also noted that cryptocurrencies will continue to be one of the most effective tools for circumventing sanctions.

According to TASS, Gorelkin wrote on his Telegram channel, "It should be acknowledged that it is impossible to fully block the cryptocurrency market for Russia, and cryptocurrencies will remain one of the most effective tools for bypassing sanctions, although USDT can be safely crossed off this list."

Sanctions imposed on Russian crypto exchange Garantex

Gorelkin’s comments came amid EU sanctions targeting the Garantex cryptocurrency exchange. He expressed his belief that the recent sanctions will not be the last instance of Western countries applying pressure on various aspects of cryptocurrency infrastructure for political purposes.

In February, the European Union imposed sanctions on the Russia-based Garantex exchange, which has been under U.S. sanctions since April 2022. The EU's sanctions package targeted Garantex for its "close association with EU-sanctioned Russian banks."

“This package continues targeting actors responsible for circumventing EU sanctions, including through third countries,” the EU announcement read. “The European Union remains ready to step up pressure on Russia.”