The United States and Western allies have sought to cripple Russia's banking sector and currency with a barrage of sanctions; Image: Shutterstock
London, United Kingdom: Cryptocurrency purchases in rubles are at a record high following Russia's invasion of Ukraine, raising questions about whether piling into the likes of bitcoin can help Moscow and other countries that are at the receiving end of economic sanctions from the West and other countries, get around sanctions.
The United States and Western allies have sought to cripple Russia's banking sector and currency with a barrage of sanctions.
They include cutting selected Russian banks from the SWIFT messaging system, rendering them isolated from the rest of the world.
SWIFT's system allows banks to communicate rapidly and securely about transactions -- cutting Russia off is aimed at preventing it trading with most of the world.
Western measures that prohibit transactions with Russia's central bank have also helped plunge the country's economy into turmoil.