CSIS officials warned about Russia’s potential use of blockchain to skirt sanctions, documents show — via financialpost Finance Cryptocurrency
The pair of briefs from the Canadian Security Intelligence Service were from last year and have gained new significance amid the recent war in Ukraine, in which a sanction-choked Russia increasingly has reason try unorthodox methods.
“Blockchain technology enables processing of international financial transactions without going through the conventional financial system,” CSIS analysts wrote.Article content In March, a week after Russia invaded Ukraine, many of the country’s banks were indeed removed from SWIFT, amid an unprecedented web of sanctions effectively isolating it from the world.Article content
On Monday, Russia officially defaulted on its foreign debt — a rare situation for a sovereign state and a sign that, overall, the country has not been too successful in staving off the impact of Western sanctions.
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