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BIS Considers Ending Mbridge Project Over BRICS Connections, but Is It Too Late?

BIS Considers Ending Mbridge Project Over BRICS Connections, but Is It Too Late?While conversations about ending the CBDC-enabled international settlements project have focused on its links to BRICS, Mbridge has already reached the MVP stage, and members could choose to continue it without support from the BIS. BIS Considers Ending Mbridge Project, BRICS Countries Could Use It for Circumventing Sanctions The Bank for International Settlements (BIS) is […]

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US Sanctions on Russia Backfire, Elevating BRICS as a ‘Genuine Financial Threat’

US Sanctions on Russia Backfire, Elevating BRICS as a ‘Genuine Financial Threat’Western sanctions on Russia have backfired, bolstering BRICS as nations seek alternatives to Western financial control, according to a former U.S. state senator. Former Senator: US Sanctions on Russia Empower BRICS as Financial Threat Former Virginia State Senator Richard Black has claimed that Western sanctions against Russia have weakened trust in the West and driven […]

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Russia Warns of Global Market Shock if Frozen Assets Are Tapped, Intensifies Sanctions Threat

Russia Warns of Global Market Shock if Frozen Assets Are Tapped, Intensifies Sanctions ThreatRussia cautions that using frozen Russian assets could trigger profound shocks to global markets, spurring developing nations to bypass the U.S. dollar. Russia’s Asset Countermoves: Potential Global Financial System Impacts Russia’s Finance Ministry warns that leveraging Russian financial assets could have significant systemic effects on the global financial and monetary system. Deputy Finance Minister Ivan […]

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Massive Turnout at BRICS Summit Proves West’s Strategy to Isolate Russia Failed

Massive Turnout at BRICS Summit Proves West’s Strategy to Isolate Russia FailedWestern efforts to isolate Russia have faltered as 36 nations attended the BRICS Summit in Kazan, a Russian official has declared. The BRICS leaders summit, chaired by Russia, saw 22 high-level delegations, highlighting Russia’s continued global influence despite sanctions and efforts by the U.S. and EU to marginalize it. West’s Isolation Strategy Fails: 36 Nations […]

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Sanctions Backfire: European Exporters Suffer More Than Russia

Sanctions Backfire: European Exporters Suffer More Than RussiaEuropean sanctions against Russia are impacting small European exporters, particularly in Italy, more severely than Russia itself, according to Ferdinando Pelazzo, president of the Italian-Russian Chamber of Commerce. Small and medium-sized enterprises (SMEs) are struggling with disrupted payment systems and logistical challenges due to the sanctions. Italian businesses heavily reliant on Russian markets now face […]

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Putin Blasts US Sanctions, Reveals 95% of Russian Trade Now Dollar-Free

Putin Blasts US Sanctions, Reveals 95% of Russian Trade Now Dollar-FreeRussian President Vladimir Putin criticized U.S. sanctions, noting that they are driving global economies away from the U.S. dollar and leading to a gradual decline in its use for international trade and reserves. He highlighted that Russia now conducts 95% of its foreign trade in national currencies due to these sanctions. Putin emphasized BRICS nations’ […]

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Digital Ruble and Sanctions: Expert Analyzes Russia’s Digital Currency Plan to Evade Western Control

Digital Ruble and Sanctions: Expert Analyzes Russia’s Digital Currency Plan to Evade Western ControlA Fellow at the Carnegie Russia Eurasia Center and former adviser at the Central Bank of Russia has weighed in on the digital ruble, Russia’s central bank digital currency (CBDC), highlighting its potential role in reshaping Russia’s financial landscape amid sanctions. While the digital currency could offer new avenues for trade and reduce reliance on […]

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Binance Confirms Access Restrictions on Sanctioned Russian Users

Binance Confirms Access Restrictions on Sanctioned Russian UsersCrypto exchange Binance says it is complying with international sanctions by denying sanctioned Russian individuals and entities access to its platform. “Compliance remains our top priority. We are deeply committed to our users and maintaining their trust in our platform. We constantly invest in our teams and systems to protect our users,” Binance claimed. Binance […]

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Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid Sanctions

Select Group of Russian Firms Authorized to Use Crypto for Chinese Imports Amid SanctionsA select group of Russian companies, including electronics producers and financial institutions, has received approval to use cryptocurrencies for Chinese imports under a pilot legal framework. Overseen by Russia’s central bank and the Ministry of Finance, this initiative targets firms handling dual-use products and facing challenges with international payments, particularly with China. Russian Firms Explore […]

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US sanctions Russian crypto platforms for money laundering ties

Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.

The United States government has taken action against two Russians and two cryptocurrency exchanges tied to alleged illicit Russian finance. The departments of the Treasury, Justice and State were involved, along with an assortment of overseas law enforcement agencies.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) identified PM2BTC, a Russian cryptocurrency exchange, and Sergey Ivanov, who is associated with that exchange, as being of “primary money laundering concern.” At the same time, Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Ivanov and another crypto exchange, Cryptex.

PM2BTC is alleged to process the proceeds of ransomware attacks and other illicit activities. Half of its activities are linked to illegal operations, according to FinCen. According to Chainalysis, PM2BTC shares wallet infrastructure with UAPS (Universal Anonymous Payment System), an underground payment processing system.

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