The Russia's central bank wanted cryptocurrencies to be banned in its country but the Russian president, Vladimir Putin said bitcoin mining and other crypto mining will be beneficial for Russia. Some people at that time have been supectimg this could be a move by the Russia's president that he is planning to invade Ukraine which will result to sanctions, thinking cryptocurrencies would be a means to evade sanctions and make it economically less effective.
Ukrainian Vice Prime Minister Mykhailo Fedorov demand crypto exchanges to freeze all Russian accounts so that the sanction can be effective, but most exchanges did not support this. I read few days ago that cryptocurrencies may not help in Russia sanction but FinCEN concluded that Russia can attempt to use cryptocurrencies to evade sanctions.
FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion AttemptsWhat is your take? What role can cryptocurrencies play in helping Russia sanctions evasion and to what extent can this be?
Banning crypto in a country is the same as banning a gust of wind. The wind will blow in the direction he wants. Maybe crypto exchanges could ban accounts from Russia. But Russia could also create its own crypto exchange by allowing crypto accounts from all over the country. Automatically the transaction will run smoothly. I think it is illogical to prohibit such a ban. It's the same as blocking fast water.
Regarding what sanctions help Russia with cryptocurrencies. Of course there are many. Transactions with any country are not detected via crypto channels. Even Russia can carry out transactions with NATO member countries. It is not impossible for NATO members to be good friends with Russia.