Reuters (London) reported that Patrick Armstrong, a member of the Financial Stability Board (FSB), made up of officials from financial regulators, central banks, and finance ministries from the Group of 20 economies, said at the City and Financial Conference in London that “We at the FSB are monitoring the situation, the conflict situation relative to cryptos,” raising concerning that cryptocurrencies are being used to circumvent sanctions in the current Russia-Ukraine war situation.
In addition, the U.K. Financial Services Minister said at the same conference that steps already taken by Britain to bring crypto-assets under the anti-money laundering and terrorist financing crackdown will support law enforcement against crypto-assets. The EU also previously issued relevant guidance confirming sanctions against Russian loans and credits, including crypto assets.
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