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Crypto Experts Say No Evidence of Major Russia Sanctions Dodging

  • Market seen as too small to offer way around U.S. sanctions
  • Senate Banking Committee hears about crypto in illicit finance
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Crypto doesn’t appear to be a successful tool for avoiding the sanctions that the U.S. and its European allies levied against Russian organizations and individuals including President Vladimir Putin following the country’s invasion of Ukraine, a panel of cryptocurrency experts told lawmakers. 

“We have not seen evidence of Russia or Putin systematically using cryptocurrencies to evade sanctions,” Jonathan Levin, co-founder of Chainalysis Inc., a blockchain-analytics firm that sells anti-money laundering services to the government, told the Senate Banking Committee on Thursday.