Russian x Ukraine conflict Put Crypto on Putin’s Table.
Russia attacked Ukraine on February 24, 2022, in a dramatic escalation of the Russo-Ukrainian War, which began in 2014. With more than 7.5 million Ukrainians fleeing the nation since the invasion, Europe’s fastest-growing refugee crisis since World War II.
The invasion of Ukraine by Russia constituted an act of aggression that violated the United Nations Charter. In addition, Russia has been accused of committing war crimes and crimes against humanity, as well as conducting war in violation of international law by indiscriminately targeting densely populated areas and causing unnecessary and disproportionate harm to people.
Ukraine filed a case in the International Court of Justice (ICJ) accusing Russia of violating the 1948 Genocide Convention, which both Ukraine and Russia had joined, by inventing bogus genocide charges to justify the invasion. The International Association of Genocide Scholars backed Ukraine’s request to the International Court of Justice (ICJ) to order Russia to stop its offensive in Ukraine.
International Sanctions during Russo-Ukrainian War
Following Russia’s invasion of Ukraine in late February 2014, a large number of countries, notably the United States, Canada, and the European Union, implemented international sanctions against Russia and Crimea.
Individuals, corporations, and officials from Russia and Ukraine were targeted by sanctions imposed by the US, as well as other countries and international organizations. Russia retaliated by imposing sanctions on a number of countries, including a complete embargo on food imports from Australia, Canada, Norway, Japan, the United States, and the European Union.
Following Russia’s invasion of Ukraine in Feb 2022, the US, the EU,and other countries imposed or considerably increased sanctions on Vladimir Putin and other government officials. Selected Russian banks were also shut off from SWIFT. The Russian financial crisis of 2022 was precipitated by the boycott of Russia and Belarus in 2022.
Russia Mulls Allowing Cryptocurrency for International Payments
Due to the threat that digital currencies pose to financial stability, the Bank of Russia has advocated prohibiting cryptocurrency trade and mining. The finance ministry is divided, and President Vladimir Putin has urged officials to reach an agreement.
The Finance Minister Anton Siluanov told state television channel Rossiya-24 that he believed issues could be resolved by the end of the year and a bill governing cryptocurrencies passed. He stated that the final decision would be made by the government.
Allowing crypto to be used as a means of international trade settlement would help Russia combat the effects of Western sanctions, which have hampered Russia’s access to traditional cross-border payment systems, according to Chebeskov.
Russia will ‘sooner or later’ legalize Bitcoin and other cryptocurrencies for payment purposes, according to a ministry. Russia is moving forward with plans to create its own digital rouble. For years, Russian officials have claimed that cryptocurrency may be used to launder money or fund terrorists. Central Bank Governor Elvira Nabiullina had stated in a report released earlier this month that the bank cannot welcome cryptocurrency investments and advocated banning trading and mining. Russian cryptocurrency transactions total roughly $5 billion (€4.76 billion) every year.
