The great shift of Russians, oligarchs or not, to cryptos since the start of the war is not yet noticeable in the numbers. Traceable and transparent, bitcoin only offers them limited relief to prevent their assets from being frozen. Also, Europe and the US want to include cryptos in their global hunt for oligarchs’ money, so they can seize them like they do yachts. What discourage those who planned to use them to escape sanctions.
In variation, bitcoin purchase volumes in Russia have certainly jumped over the past week, but in absolute value they remain very modest. The daily amount of transactions has tripled since the war but to stand at 3 billion rubles ($30 million) on the ruble-bitcoin pair, according to Kaiko Research. Even abroad, on Binance, the world’s leading platform, only 1,800 bitcoins were exchanged for rubles between February 20 and 28, for a total amount of 80 million dollars.