Economic sanctions and the cryptocurrencies at the russian-ukrainian conflict

Abstract

The Russian-Ukrainian clash is on the current agenda. One of the most emblematic aspects in this context is the cryptocurrencies usages, notably in face of international economic sanctions and their effectiveness. Thus, this present paper, based on bibliography and documental research, aims to present the concepts and information to understand what cryptocurrencies are, what economic sanctions are and interrelate them at the factual framework currently drawn. Because of the extension and the economic sanction rigorousness so on imposed to the Russian economy, it is already possible to note economic damages. But it is not precisely known their real impact, because there are other factors applying in this context. Part of the doctrine researched tends to say that the economic sanctions are not that effective, and the cryptocurrencies can bring about a decrease on this weakened effectiveness. At the literature consulted, some strategies are described in which the cryptocurrencies are used to dribble economic sanctions. Having those strategies as parameters, it is possible to identify clues on the application of three of them by Russia or by Russians: putting emphasis on the cryptocurrency mining and on the incentives towards the enlargement of its uses and trades by investors and the population as well.