The Ukraine-Russia war enters Day Four today, and although negotiations are in sight, there are still calls for stiffer penalties and sanctions on Russia for the unlawful invasion. One of such calls is for crypto exchanges to limit Russian users and their Belarusian counterparts from accessing their accounts.
On Sunday, Ukraine’s Vice PM Mykhailo Fedorov made a call to cryptocurrency exchanges to suspend the users’ accounts from Russia and Belarus following the fighting between Russia and the country. Fedorov made the request on his Twitter page.
VPM Asks Platforms to Extend Suspension to Saboteurs
While pleading with digital currency exchanges to suspend Russian and Belarusian crypto accounts, Fedorov stated that it was important to not only deny access to addresses connected to the aforementioned countries but also users involved in any form of sabotage.
Kraken’s Jesse Powell replied that taking such a step is impossible without lawful backing. However, the CEO of the prominent exchange warned Russian users such a move could happen soon.
In one of the moves made on Russia, Fedorov hailed the NFT website DMarket for suspending accounts owned by Russian and Belarusian customers. The NFT platform confirmed that their assets weren’t confiscated, but access to them is denied till further notice.
Ukraine’s request comes barely a week after the U.S. and the EU cut Russian Banks from accessing the SWIFT network, an international payment network. This move is to prevent Russia from accessing its foreign reserves. This adds to the freezing of assets belonging to the Russian government on foreign soils by the U.S., Canada, and the U.K.
Due to the increasing monetary isolation of Russia, the Russian Rouble declined to a record low. Several investors have ventured into currencies such as the USD and Yen as a haven, especially after hearing reports that President Vladimir Putin has told the Russian Nuclear-Armed group to stay on high alert.
The implication of the sanctions on the Russian economy is fatal. When the trading market opens, hardly would anyone want to buy Rouble or even do business with Russia. This strains the economy, and could plunge it into a recession.
Ukraine Raises Over $10 Million in Various Virtual Currencies
Last week, a post was seen on the Ukrainian government’s official website requesting BTC donations from concerned individuals from all over the world. Although there are questions of whether the appeal came directly from the government, individuals didn’t hesitate to contribute to the cause.
As of Sunday, February 23, the country has raised over $10 million in BTC, ETH, and USDT to support the military as well as provide aid to Ukrainians of whom a significant number have fled for their safety to neighboring countries.
Talks of a potential peace deal resume on Monday, with the world hoping that Russia and Ukraine come to a compromise.
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