Russia Financial News

February saw a noticeable shift between inflation and U.S. Federal Reserve news, followed by news of a conflict in Eastern Europe that completely overshadowed the earlier concerns of economic health. What’s transpiring in Ukraine is causing an immediate marketwide price drop. Bitcoin (BTC) had a notable decline of 11% over a 16-hour time period, while the majority of altcoins plummeted 20% or more.

A war rages on Europe’s eastern rim, having already left thousands of people dead and injured and millions more displaced. Digital assets have become so woven into the global financial system that a major political and economic crisis like the one unfolding right now has crypto inevitably involved on all levels: individual, institutional and national. From Russian nationals turning their burning passports into nonfungible tokens (NFTs) to refugees using crypto as a last financial resort, millions of dollars worth of crypto donations flowing to Ukraine, and both digital asset platforms and the United States government weighing crypto sanctions against Russia, cryptocurrencies play a significant role in the events surrounding the ongoing calamity. It is also evident at this point that the crisis, in turn, will massively affect crypto itself, accelerating its adoption and regulation globally.

Fund manager Bill Browder has blasted Magic Circle law firm Freshfields Bruckhaus Deringer for taking “blood money” by continuing to work for sanctioned Russian lender VTB Bank.

Bitcoin (BTC) and several other major cryptoassets initially fell on Monday, before buyers showed up later in the trading day to offer relief. At the same time, the US dollar, gold, and a large number of other commodities continued on a surge higher, as a ban on Russian oil imports seem to be on the table.

Deloitte has said it is ditching its Russia and Belarus member firms, becoming the last of the Big Four audit firms to announce it is exiting Russia following Vladimir Putin’s invasion of Ukraine.

Ukraine has increased the number of cryptocurrencies it is accepting for military donations

More than 60 of Europe's greenest funds hold stakes in Russian companies, with ESG funds from Abrdn, Carmignac and Amundi among the most exposed.

Ukrainian blockchain developers say they have created a web-based resource for Russians and Belarus-based individuals who want to make anonymous crypto donations to Ukraine-supporting funds.

Bitcoin (BTC) plunged to below $38,000 on Monday, giving up all the gains it had made last week, which saw BTC/USD rally over $45,000.

Ukrainian refugees have been arriving at the Polish border city of Przemyśl carrying light luggage but a heavy burden.

Bitcoin (BTC) stayed near one-week lows on March 7 as a flight to safety among investors did crypto markets no favors.

A former Goldman Sachs dealmaker, who claims to have worked on some big Russian transactions at the US bank, has written an open letter to chief executive David Solomon asking he stay on the “right side of history” by shutting down bank operations in Russia. 

President Biden is caught between conflicting demands that he tame rising consumer prices while banning Russian oil imports to punish Moscow for invading Ukraine, a sanction that would threaten even more inflation and raise pressure on allies with more dependence on oil imports.

Financial market participants are searching for signs that massive sanctions on Russia are creating stress in money markets, and for the most part they have yet to find it in sizable fashion.

Big Four audit firm EY said it will cut its Russian member firm out of its network in light of the "shocking and abhorrent war" in Ukraine.

Crypto's transparent nature makes it a terrible choice for those who want to evade sanctions, said Paul Grewal, Chief Legal Officer (CLO) of major crypto exchange Coinbase. 

Beth Gazley, Professor of Public and Environmental Affairs, O'Neill School, Indiana University._____ 

To figure out where inflation is headed, don’t look at the overall economy, look under the hood.

More payment operators follow the orders of sanctions issued by the U.S., American Express, Visa, Mastercard, and PayPal announced on Saturday that they are all suspending their operations in Russia in protest of the country's ongoing invasion of Ukraine.

The American payments heavyweights Visa and Mastercard, as well as the card issuer American Express, have suspended their operations in Russia – joining an increasingly lengthy list of firms severing their trade links with the country. But Russian banks have indicated that they may look to domestic and Chinese alternatives to Western platforms.

The ascent of cryptocurrencies is being accelerated by the Russian invasion of Ukraine. To some, that means crypto’s time has come.