G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions. “We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets,” said Germany’s minister of finance.
G7 and EU Seek to Prevent Crypto Use to Evade Sanctions
The Group of Seven (G7) nations are reportedly examining ways to stop individuals and companies from using cryptocurrencies to circumvent Western sanctions following Russia’s invasion of Ukraine. The G7 countries comprise Canada, France, Germany, Italy, Japan, the UK, and the U.S.
Finance ministers and central bank governors of the G7 countries held virtual meetings this week together with Ukraine’s Finance Minister Serhiy Marchenko. Germany’s minister of finance, Christian Lindner, was quoted by AFP as saying Wednesday:
We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets. We are working towards this in the context of the German presidency of the G7.
“The problem is known and we are…
