February 25, 2024

As Russia’s invasion of Ukraine enters yet another week, top government and institutional officials in North America and Europe are collaborating on ways to fix the economic restraints on Russia’s President, Vladimir Putin.

As reported by other news outlets, individuals from the European Union and G7 are also hoping to consolidate sanctions that have been imposed on Russia recently, which includes limiting the admittance of Russians into digital currency platforms.

The reports were referring to the Finance Minister of Germany, Christian Lindner, who refused to give more insights with regards to the instruments and techniques that have been deployed.

Digital Assets are Targeted by the American Treasury as Part of Wider Sanctions

Christian Lindner, while talking to Welt-TV, said that owning authorized digital assets is a matter of choice. She said the move on the ground is about how to disengage Russia maximally at every level with an extreme capacity to authorize digital assets, and that will incorporate cryptocurrencies automatically.

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The Group of 7 (G7) is made up of France, Canada, Italy, Germany, Japan, the United States, and the United Kingdom. Germany is the current president of the G7.

Having control over cryptocurrencies has been a source of controversy since the 24th of February when Russia began a full-scale invasion of Ukraine in an apparent continuation of the political impasse between the two countries that began all the way in 2014 over Crimea.

Legislatures to help Ukraine identify and remove individuals in Russia who might be looking to bypass the general sanction by unknown means are underway.

Hillary Clinton: Crypto Exchanges to Begin Denying Access to Russians

US former Secretary of State and Presidential candidate Hillary Clinton has recently stated that she trusts corporate bodies and crypto exchanges to start denying the entry of Russians to their platforms.

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Speaking with MSNBC’s Maddow in an interview, she said she thinks that the particular case of Ukraine, the US Treasury Department as well as Europe should find ways of stopping the crypto markets from giving any room to Russia. All hands, both legislative and private exchanges, have to be on deck, she said.

The American Depository Department is also putting a focus on digital assets as a feature of a more broad-based push against Russia’s evasion attempts.

The European Central Bank’s President, Christine Lagarde, had in the past week called for concerted efforts to support guidelines put in place for the usage of crypto assets in the EU that would be of help in executing the sanctions on Russia. 

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