Fintech

Russian investors seek assistance in darknet to recover blocked crypto assets

January 30, 2023

Service offers to release Russian investors’ assets blocked on international crypto exchanges are springing up in the darknet, reports Russian business daily Kommersant. Among the methods used are the transfer of the funds to an unblocked account, the renewal of accounts submitting fake KYC information, etc. The cost of such services may vary between 35% and …

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How Russian neo-Nazi paramilitary fighters steal cryptocurrency through Ukrainian charity sites — and use it to fund the war

November 22, 2022

The paramilitary group Rusich is one of multiple Russian far-right and neo-Nazi organizations that have fought in the war in Ukraine. Because it’s not an official part of the Russian Armed Forces, Rusich has had to find alternative ways of funding its members’ military equipment and medical needs — and has found the perfect solution in cryptocurrency.  Meduza special correspondent …

How Russian neo-Nazi paramilitary fighters steal cryptocurrency through Ukrainian charity sites — and use it to fund the war Read More

Bitcoin mining revenue in Russia grew 18 times in 4 years before “worst quarter”

October 26, 2022

The revenue from bitcoin mining in Russia has increased 18 times between 2017 and 2021, according to a new report by computing hardware distributer Intelion Data Systems, quoted by RBC Crypto. During the period, the total grew from 7 billion rubles in first studied year (below $114 million, at current exchange rates) to 128 billion …

Bitcoin mining revenue in Russia grew 18 times in 4 years before “worst quarter” Read More

War spurs crypto activity in Russia and Ukraine

October 29, 2022

The deadly conflict that started with Russia’s assault on Ukraine has increased crypto-related activity in both countries, according to Chainalysis. Fiat inflation and sanctions pressure led to several spikes in transaction volumes this year, the blockchain forensics firm has found, while Eastern Europe as a whole sustained its role in the global crypto ecosystem.

EU bans crypto services for Russians in new sanctions over Ukraine escalation

October 7, 2022

The Council of the European Union has announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents.  The measure will apply regardless of the value of these assets, according to …

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Banks from six countries suspend Russia’s MIR cards amid US pressure and Ukrainian hacker attacks

September 27, 2022

The international acceptance of MIR, Russia’s answer to Visa and Mastercard, shrunk dramatically last week as major banks from Armenia, Kazakhstan, Tajikistan, Turkey, Uzbekistan and Vietnam announced the suspension of such transactions. These announcements came soon after the US authorities warned banks outside the US that supporting MIR transactions could expose them to the risk …

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Bank of Russia, finance ministry agree on crypto mining regulation, law expected soon

September 22, 2022

The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians. Anatoly Aksakov, chair of the parliamentary Financial Market …

Bank of Russia, finance ministry agree on crypto mining regulation, law expected soon Read More

China’s UnionPay cuts off Russian banks over sanctions

September 8, 2022

China’s UnionPay paymentsystem has stopped accepting cards issued by Russian banks under Western sanctions over fears of penalties, the RBC news website reported Friday, citing financial industry sources. Demand for UnionPay cards in Russia surged following Visa and Mastercard’s exit in the wake of the invasion of Ukraine.  A number of major Russian banks subsequently announced plans …

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US asks Japan to pressure crypto exchanges, miners working with Russia

July 11, 2022

The United States has urged Japan to put more pressure on cryptocurrency exchanges and mining companies that continue to work with Russians. The U.S. wants the Japanese entities to end their business relations with Russia, thus adding to its financial isolation from the rest of the world. The request, made by American diplomats, is targeting …

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Russia’s Rostec develops blockchain system as “real alternative” to SWIFT

June 21, 2022

Earlier this month Rostec, a state corporation that comprises more than 700 enterprises in the fields of defense and technology, announced they have developed a blockchain platform to provide a “real alternative to SWIFT in international settlements.” Russian banks were excluded from the SWIFT system last February as part of the sanctions imposed by Western countries in response …

Russia’s Rostec develops blockchain system as “real alternative” to SWIFT Read More

Russian owner of one of the world’s top digital banks says Kremlin forced sale of his stake

May 3, 2022

UK-sanctioned Russian businessman Oleg Tinkov said the Kremlin forced him to sell his stake in a major bank he had founded after he criticized the Ukraine war. Tinkoff Bank, one of Russia’s most impressive success stories in the tech field, has over 20 million customers — making it one of the world’s biggest digital banks. It is …

Russian owner of one of the world’s top digital banks says Kremlin forced sale of his stake Read More

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