There is a contradictory analysis of "
Cryptocurrency will not save Russia from sanctions" and I kind of agree with that.
The vice prime minister of Ukraine is also trying to maximize global economic sanctions against Russia in various ways, including efforts to identifying the crypto addresses of Russian politicians that may be a loophole to avoid sanctions.
Ukrainian crypto community is ready to provide a generous reward for any information about crypto-wallets of Russian and Belarusian politicians and their surroundings. War crimes must be pursued and punished!
Certain blockchain explorers can unilaterally flag suspicious addresses.
I fail to see how that would work against privacy-oriented cryptocurrencies. What's stopping Russia from using coins like Monero or Grin to hide its financial activities? Mr. Putin is not that stupid. This is like a "cat and mouse" game. Hard to believe Russia's economy will cripple at this stage. The government will fully embrace crypto to trade with its allies. Russia, China, India, and a handful of other countries will be using crypto as a "money transfer tool" to circumvent sanctions.
If crypto was centralized, it would've been an entirely different story. The West would've been able to cripple down Russia's operations with ease. But that's not case, leaving us wonder how long will Ukraine be able to resist Russia. I fear the war is coming to an end (but not in a good way). All eyes are in the US' upcoming elections in November. Whoever wins, will determine the future of both Russia and Ukraine. Lets hope for the best.