Russian Middlemen Use Cryptocurrency To Bypass Sanctions, Fuel Shadow Trade For Weapons Parts
Portfolio Pulse from Benzinga Neuro
Andrey Zverev, a Russian middleman, has been using Tether (USDT) to facilitate transactions for Russian companies to procure high-tech equipment and weapons parts, bypassing Western sanctions. The U.S. Treasury Department is seeking legislation to block transactions in U.S. dollar-denominated stablecoins like Tether in response to their use in evading sanctions.
April 01, 2024 | 6:58 am
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Tether (USDT) is being used by Russian entities to bypass sanctions, leading to potential U.S. legislation aimed at blocking transactions in U.S. dollar-denominated stablecoins.
The use of Tether (USDT) by Russian entities to bypass sanctions could lead to negative regulatory actions by the U.S., potentially affecting its utility and trust among users. This could result in a decrease in its value or usage in the short term as the market reacts to potential legislative changes.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90