1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Russian Sanctions and Cryptocurrency May 4, 2022 The United States has imposed sanctions against certain Russian entities and individuals in response to Russias invasion of Ukraineincluding on virtual currency transactions
2、 and cryptocurrency mining. Some Members of Congress and other observers have expressed concern that sanctioned parties may evade sanctions using cryptocurrency to transfer funds out of Russia, convert rubles to other fiat currencies, or receive payments and make purchases. Bills have been introduce
3、d in the 117th Congress to prevent such evasion. This Insight focuses on various evasion techniques and potential gaps in existing regulatory oversight. Potential Sanctions Evasion with Cryptocurrency Cryptocurrency transactions may enable sanctions avoidance, though there is limited public informat
4、ion on the use of these methods. Cryptocurrencies are created and exchanged through blockchain networks, which store tamper-resistant records of transactions. Most cryptocurrency transactions between parties are recorded directly on public blockchainsmeaning anyone can view the records. Users are id
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