Telegram is collecting cryptocurrency to fuel Russian escalation in Ukraine

Cryptocurrency is being collected on the Telegram mobile app in Russia to support military aggression and circumvent US sanctions. According to a report by TRM Labs, from February 24 to the end of September 2022, $ 400,000 in cryptocurrency was collected in this way. The money is used to finance military exercises near the Ukrainian border, support collaborators and traitors to Ukraine, and purchase thermal imaging equipment and radar stations.

The researchers also report that the so-called Novorossiya Aid Coordination Center has raised about $ 21,000 in cryptocurrency, mostly bitcoin, to purchase combat drones. According to Ari Redbird, head of legal and government affairs at TRM Labs, the Russians are likely using cryptocurrency exchanges that do not always adhere to regulatory standards for combating money laundering.

Meanwhile, the European Union has proposed a new round of sanctions against Moscow over the escalation of the war in Ukraine. It will provide that Russian residents will not be able to make transfers to European cryptocurrency wallets at all. Accordingly, Russians will have fewer chances to survive in Europe, as the EU has not accepted Russian payment cards since the beginning of the war.

As a reminder, the U.S. House of Representatives supported the Russia Cryptocurrency Transparency Act. After its final adoption by the Senate, Russia will not be able to defend itself against sanctions by using cryptocurrencies. U.S. government agencies will also explore how best to assist Ukraine in its economic development. The government will take care of the rapid provision of humanitarian aid and does not exclude that it will use blockchain and cryptocurrencies for this purpose.

As for Russia, starting in 2023, the terrorist country plans to use cryptocurrency to circumvent sanctions (however, it is unknown which countries will agree to accept Russian digital currency). Russian Prime Minister Mikhail Mishustin has instructed the Ministry of Finance, the Central Bank, the FSB and a number of other agencies of the occupying country to agree on draft laws to regulate the issue and circulation of digital currency, as well as its use in international payments by December 19.