Ukraine promises sanctions over Russia’s use of Bitcoin in foreign trade: report

Ukraine is preparing to block Russia’s use of Bitcoin and other cryptocurrencies in foreign trade, with sanctions already in the works.

The government of Ukraine revealed its intention to impose “sanctions and other solutions” aimed at blocking Russiathe use of Bitcoin (BTC) for international payments, just one day after Russian Finance Minister Anton Siluanov publicly confirmed that Russian companies are already using crypto to evade Western sanctions.

Vladyslav Vlasiuk, adviser to the Ukrainian president, said Ukraine had already alerted its international partners to Russia’s intentions earlier this year and that measures to prevent unwanted crypto payments were already being developed, Ukrainska Pravda reports.

“Are we really surprised? No, we were, without exaggeration, the first to draw the attention of our partners to such enemy plans last summer. Appropriate sanctions and other solutions to block the possibility of using unwanted cryptocurrency payments are already in preparation.

Vladyslav Vlasiuk

Russia seeks a plan B

Russia is seeking ways to circumvent sanctions that have affected its ability to make and receive international payments, even with countries like China. As reported by crypto.news earlierRussian companies have shifted to using stablecoins like that of Tether (USDT) to carry out cross-border transactions.

Some of Russia’s largest metals producers have started using stablecoins for trading with Chinese customers, although details on the volume of these trades are unclear. Sources said other alternatives are much slower or could risk freezing an overseas bank account.

Siluanov’s admission comes just months after the Kremlin established a legal framework for Bitcoin miners, which includes a provision allowing licensed companies to use crypto for international trade.