The G-7 (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), the European Union (EU), and other countries have responded to Russia’s expanded invasion of Ukraine in February 2022 with swift, coordinated, and broad sanctions designed to exert significant pressure on key Russian individuals and companies, as well as the broader Russian economy. As the multilateral coalition seeks to sustain economic pressure on Russia, and Russia seeks ways to mitigate the impact of sanctions, some in Congress are asking whether cryptocurrencies offer Russia a way to evade sanctions.

Source: Russia Sanctions and Cryptocurrencies: Policy Issues, pdf