The conflict between Russia and Ukraine is deepening by the day. Since the outbreak of the war, many countries with the US have tried to punish Russia with multiple sanctions. The restrictions were an attempt to hit the Russian financial system. However, China came forward to present an alternative to SWIFT. Russian Deputy Foreign Minister Sergei Ryabkov said China is their reliable partner.
China comes to rescue Russia amid global sanctions
First, the US and allies agreed to block several Russian banks from using SWIFT, the system that allows banking transactions. Then Visa, Mastercard and American Express decided to block Russian banks. However, China has presented an alternative to SWIFT.
According to the Russian central bank, local lenders will be able to use China’s UnionPay system, which operates in more than 180 countries. In addition, the officials of the Russian Federation are satisfied with the dialogues with China.
RUSSIA’S RYABKOV SAYS THE RUSSIAN FEDERATION IS SATISFIED WITH THE DIALOGUE WITH CHINA, IT IS A RELIABLE PARTNER OF RUSSIA
— First Squawk (@FirstSquawk) March 12, 2022
The Russian Deputy Foreign Minister has claimed that the list of Russian sanctions in response to the US and allies is ready. He also informed Washington that arms convoys to aid Ukraine are “legitimate targets” for their military.
Russian Deputy Foreign Minister Ryabkov claims that Russia’s sanctions lists against the #U.S and western countries are ready.
As we know from the past, #Russia suffers more damage, not through sanctions, but through so-called counter-sanctions. pic.twitter.com/JAM6kW9IdF
— NEXT (@nexta_tv) March 12, 2022
Is the crypto market affected by the conflict between Russia and Ukraine?
Sanctions also generated theories about cryptocurrency that would become an alternative to Russia in these difficult times. In addition, many Crypto coins saw high trading volume to match the speculations as the Russian ruble hit its lows. Many experts have made it clear that it is very difficult for Russia to enlist the help of digital means to circumvent the sanctions.
The world’s largest cryptocurrency, Bitcoin trading peaked after the outbreak of war, but has remained stable ever since. The price of BTC has fallen marginally by 0.30% in the last 7 days while the price has fallen by 13% in the last 30 days.
It is hard to say that the Russian people are in a hurry to trade their own currencies in digital currencies. On the other hand, Ukraine uses cryptocurrency in the form of donations to fight against Russia. It seems that if the Union of some countries supports Ukraine, China is in solidarity with Russia,
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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