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.
In this regard, I believe the Western power and their allies are not so particular about the sanctioning of Russia through exchanges, because if they do, it will be more severe, they always have their way in cases like this. I can only think that they were smart enough to know that many cryptocurrencies are decentralised and can be accessed through a VPN. This means that people can perform crypto transactions that will be difficult for the authorities to decipher. Even the little they will know will be so stressful for them to achieve that. So why stress exchanges when there is an alternative (non-custodial) that can naturally mix the transaction?
What is your take? What role can cryptocurrencies play in helping Russia sanctions evasion and to what extent can this be?
You can see today that the Western sanction has almost no effect on Russia anymore. The world is evolving and cryptocurrency is the latest development around financial dealings, so all fingers are pointing to it in helping Russia to lessen the effect of the sanction.