Russia could use cryptocurrency to avoid Western sanctions

To get around those sanctions, Russian banks and oligarchs could put money into Bitcoin and other cryptocurrencies.

MILLIONS IN CRYPTO DONATIONS FOR UKRAINIAN MILITARY POUR IN

Lawyers say going that route still has complications, especially when trying to turn the cryptocurrency back into a regular currency in order to spend it.

Biden

President Joe Biden delivers remarks on developments in Ukraine and Russia, and announces sanctions against Russia, from the East Room of the White House Feb. 22, 2022 in Washington, D.C. (Photo by Drew Angerer/Getty Images / Getty Images)

Business partners would also have to agree to accept digital currency for payments.

At best, experts see it as a short-term solution.

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Coinbase, the largest U.S. crypto exchange, said it is blocking IP addresses in areas affected by Western sanctions and working alongside authorities to ensure the sanctions are enforced, according to a statement to NPR.

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