{"id":228418,"date":"2022-03-30T11:45:13","date_gmt":"2022-03-30T10:45:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=228418"},"modified":"2022-03-30T22:34:21","modified_gmt":"2022-03-30T21:34:21","slug":"confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis\/","title":{"rendered":"Report: Russians do not evade sanctions using crypto says Chainalysis"},"content":{"rendered":"

As Russia\u2019s war in Ukraine continues, cryptocurrencies are taking on an important role in the conflict, but not in the capacity of evading sanctions on Russian entities or oligarchs. On the contrary, crypto has proven itself to be very useful in supporting Ukraine as users around the world have donated over $56 million in cryptocurrency to addresses provided by the Ukrainian government alone.<\/p>\n

This is \u201cshowcasing not just the crypto community\u2019s generosity but also virtual assets\u2019 unique utility for cross-border payments,\u201d Chainalysis report<\/a> on the matter reads.<\/p>\n

As most readers know, the United States and many of its allies in the EU and elsewhere have taken unprecedented actions against Russia, including adding Russian oligarchs, their family members, and their businesses, as well as all major state-owned banks and many energy exporters, to the Office of Foreign Assets Control\u2019s (OFAC) Specially Designated Nationals And Blocked Persons List (SDN).<\/p>\n

Western powers have also removed select Russian banks from the SWIFT system, essentially cutting them off from the global financial system, and sanctioned<\/a> Russia\u2019s central bank, preventing it from using its $650 billion in reserves to mitigate the impact of the sanctions.<\/p>\n

There\u2019s no evidence sanctions evasion is happening<\/h2>\n

Many are now wondering how Russia\u2019s business and political elites could use cryptocurrency, such as bitcoin (BTC<\/a>) or ether (ETH<\/a>), to evade sanctions. \u201cWhile there\u2019s no direct evidence this is happening, It\u2019s a reasonable concern as Russia accounts for a disproportionate share of several categories of cryptocurrency-based crime, and is home to many cryptocurrency services that have been implicated in money laundering activity,\u201d the report reads.<\/p>\n

As Chainalysis co-founder Jonathan Levin explained while testifying before the U.S. Senate, if cryptocurrency-based sanctions evasion is happening, it would probably look more like typical money laundering activity, in which relatively small amounts of cryptocurrency are moved gradually to disparate cashout points, rather than all at once in huge transactions.<\/p>\n

Chainalysis\u2019 report goes on to list the different ways sanctions could be evaded and dismisses all of them.<\/p>\n

First, if Russian crypto whales<\/a> \u2013 wallets with more than $1 million worth of crypto \u2013 would try to move these funds, it would show. Between the start of the invasion and the 21st of March, Chainalysis tracked just over $62 million worth of cryptocurrency sent from Russia-based whales to other addresses, many of which are associated with OTC desks and exchanges, some of them high-risk.<\/p>\n

\"Chart
Image by Chainalysis.<\/figcaption><\/figure>\n

\u201cWhile spikes in this activity are common, Russian whale sending hit its highest levels in roughly eight months during the week of February 28 soon after the invasion, reaching $26.5 million. On-chain activity alone can\u2019t tell us if these transfers constitute sanctions evasion, as we don\u2019t know if the whale wallets are controlled by sanctioned individuals and entities,\u201d the report reads.<\/p><\/blockquote>\n

Sbercoin to zero<\/h2>\n

Chainalysis also looked into the newly created cryptocurrency issued by Russia\u2019s biggest bank Sberbank, which was put on the sanctions list at the beginning of the war. The Sbercoin, as it is named, had previously been announced in late 2020.<\/p>\n

According to CoinMarketCap<\/a>, Sbercoin has seen roughly $4.5 million in total transaction volume, all on one popular decentralized exchange. Sbercoin\u2019s price has dropped over 90% since its launch and currently sits at $0.00003329 as of March 28, 2022, with a market cap of $113,089. Sbercoin is thus obviously not used for sanctions evasion.<\/p>\n

Chainalysis also looked at other cryptocurrency services and usage typologies that could indicate sanctions evasion by Russian entities, but so far, on-chain indicators for these don\u2019t show much out of the ordinary.<\/p>\n

Russia has a large ecosystem of services, and it\u2019s reasonable to expect that sanctioned Russian entities may try to use these services to evade sanctions by moving their wealth through them.<\/p>\n

No exchanges have shown any unusual activity<\/h2>\n

Furthermore, Chainalysis<\/a> analyzed high-risk exchanges, those that tend to have lax compliance requirements, like Garantex and Bitzlato, which are prominent in Russia, but also Tornado, an Ethereum mixer. Thus far, none of these services have shown spikes in inflows or outflows, or any other unusual activity. Chainalysis also looked at Hydra, by far the world\u2019s largest darknet market, with the same result.<\/p>\n

\u201cWe are continuing to monitor Hydra, but so far, its transaction volume shows nothing out of the ordinary, and in fact has fallen in the time following the Ukraine invasion,\u201d the report says.<\/p><\/blockquote>\n

Some sanctioned countries, like Iran, have turned to crypto mining to gain access to capital and make up for sanctions-related losses. It\u2019s possible that Russia could do the same. As of August 2021, Russia ranked third<\/a> worldwide in the share of global hashrate for Bitcoin. While there has been an increase in electricity consumption by cryptocurrency miners in some parts of Russia after the invasion, it\u2019s since impossible to tell if any of that can be attributed to a sanctioned entity.<\/p>\n

It would also be unlikely, Chanalysis writes, for a sanctioned entity to have set up a significant mining operation in the weeks that have passed since new sanctions were handed down.<\/p>\n

Ruble trading pairs grew over 900%<\/h2>\n

Furthermore, Chainalysis, using exchange order book data provided by Kaiko<\/a>, also watched for changes in trade volume for trading pairs that include the Russian ruble. Trade volume involving ruble trade pairs increased immediately following the invasion, growing over 900% to over $70 million between February 19 and 24, the highest trading volume since May 2021.<\/p>\n

\"Chart
Image by Chainalysis.<\/figcaption><\/figure>\n

Since then, ruble trading volumes have continued to be volatile, though they have yet to break above $70 million again. As Chainalysis previously stated<\/a>, they believe this activity is unlikely to reflect large-scale sanctions evasion.<\/p>\n

\u201cOur current hypothesis is that the chief drivers of ruble pair volumes are volatility and non-sanctioned Russian cryptocurrency users attempting to protect their savings as the ruble\u2019s value plummets,\u201d the report reads.<\/p><\/blockquote>\n

Finally, Chainalysis also monitored activity by Russian cybercriminals, in particular gangs engaging in ransomware attacks. One of these gangs, Conti, the most active ransomware group of 2021, according to Chainalysis, declared its loyalty to the Russian government shortly after the invasion, promising to launch cyberattacks against Russia\u2019s enemies.<\/p>\n

Soon after, an unknown party retaliated by leaking<\/a> sensitive information on Conti, including the group\u2019s internal chat logs, source code, and more. To conclude, Chainalysis has found no sign of increased activity by these gangs, nor any activities that could indicate sanctions evasion.<\/p>\n

$56 million worth of cryptocurrency to Ukraine<\/h2>\n

In summary, Chainalysis can\u2019t find any significant signs of sanctions evasion. The role of cryptocurrencies in the war in Ukraine must instead be that of a vehicle for support of the Ukrainian war effort and the country\u2019s people.<\/p>\n

\"Chart
Image by Chainalysis.<\/figcaption><\/figure>\n

\u201cAs of March 28, crypto enthusiasts around the world have donated over $56 million worth of cryptocurrency to addresses provided by the Ukrainian government, not to mention hundreds of NFTs<\/a> and donations to other charitable organizations accepting cryptocurrency,\u201d the report reads.<\/p><\/blockquote>\n

\u201cThose donations stand not just as an example of the community\u2019s generosity, but also of cryptocurrency\u2019s utility as a cross-border value transfer mechanism in a time of emergency,\u201d Chainalysis concludes.<\/p>\n","protected":false},"excerpt":{"rendered":"

As Russia\u2019s war in Ukraine continues, cryptocurrencies are taking on an important role in the conflict, but not in the capacity of evading sanctions on Russian entities or oligarchs. On the contrary, crypto has proven itself to be very useful in supporting Ukraine as users around the world have donated over $56 million in cryptocurrency […]<\/p>\n","protected":false},"author":962,"featured_media":228438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,76799,60793,11],"tags":[77012,72190,77057,77445,77579,77443],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nReport: Russians do not evade sanctions using crypto says Chainalysis<\/title>\n<meta name=\"description\" content=\"What many have suspected, but was difficult to actually prove, has now been confirmed by crypto cybercrime experts Chainalysis: There is no evidence, whatsoever, that sanctioned Russian entities are using crypto to evade sanctions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report: Russians do not evade sanctions using crypto says Chainalysis\" \/>\n<meta property=\"og:description\" content=\"What many have suspected, but was difficult to actually prove, has now been confirmed by crypto cybercrime experts Chainalysis: There is no evidence, whatsoever, that sanctioned Russian entities are using crypto to evade sanctions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-30T10:45:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-30T21:34:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/russia-crypto-sanction.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laszlo Dobos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laszlo Dobos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/confirmed-russians-do-not-evade-sanctions-using-crypto-chainalysis\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#person\",\"name\":\"Laszlo Dobos\",\"url\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"caption\":\"Laszlo Dobos\"},\"jobTitle\":\"Reporter\",\"description\":\"Educated in computer engineering, Laszlo began developing an interest for crypto and blockchain technology back in 2013. 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Lars started writing about IT and IT-security as a full-time tech journalist and editor in 2007. He's a self-employed entrepreneur and writer deep down the famous rabbit hole. When he's not spending too much time in the crypto space or reading history books, Lars enjoys the outdoors, food and hanging out with friends.","url":"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/228418"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/962"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=228418"}],"version-history":[{"count":5,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/228418\/revisions"}],"predecessor-version":[{"id":228691,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/228418\/revisions\/228691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/228438"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=228418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=228418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=228418"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=228418"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=228418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}