Russian Trade Ministry ‘Develops Tool That Lets Crypto Miners Evade Sanctions’

The Russian Ministry of Economic Development has allegedly developed a tool that could let cryptocurrency miners evade sanctions imposed by the US and other countries. According to Interfax news agency, the tool was presented by the Trade Ministry at a meeting with the Central Bank of Russia, the regional communications ministry, and the Association of Professional Participants of the Digital Assets Market (ADAM). According to the report, the tool “allows users to create an artificial network to transfer funds through cryptocurrency trading centers left outside the jurisdiction of US and European countries.” This would enable miners to access and utilize digital assets, without fear of being hit by sanctions. The report also mentioned that the tool could be used to “transfer digital financial resources to individuals blocked by US laws.” The Ministry of Economic Development is believed to have been working on the tool for more than a year.