Russian arms producer to use Bitcoin to bypass sanctions
- Cryptocurrencies are sought by Russian arms producer in order to not be crippled further by sanctions.
- Soyuzmash are said to have asked permission from the Central Bank of Russia.
The Russian arms producer, Soyuzmash, are seeking to bypass US sanctions via leveraging cryptocurrency. The Union of Machine Builders has reportedly made a request of permission from the Central Bank of Russia, to allow it in accepting payments in Bitcoin for all its activities related to weapons.
They believe this would enable them bypass the US and other existing international sanctions.
Soyuzmash is being supported by The State Duma Defense Commission, about its efforts and interests towards digital asset payments, claiming that the initiative will help relieve some of the major issues.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
