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ECB Warns Cryptocurrencies a Sanctions Workaround: Sanctions Update

European Central Bank President Christine Lagarde said Tuesday that Russian individuals and corporations are leveraging cryptocurrencies to evade Western sanctions.

According to Business Insider, Lagarde said at a conference Tuesday that cryptocurrencies, "are certainly being used, as we speak, as a way to circumvent the sanctions that have been decided by many countries around the world against Russia and a specific number or players."

Lagarde also said she was "most concerned" about the high volume of rubles being converted into crypto assets since Russia was hit with a barrage of financial sanctions over last month's invasion of Ukraine.


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