Stock markets calmer and rouble stabilises while oil prices continue to climb
Ipek Ozkardeskaya, senior analyst at Swissquote, said:
The direct implication of Russian sanctions was a surge in cryptocurrency prices, and especially Bitcoin. The coin, which was moving along with the risk assets less than a couple of days ago, is now The Asset that Russians and Ukrainians rely on to get their funds out of the traditional system which has become very hostile to them. It is reported that Bitcoin purchases using Rubles and Hryvnias soared as Russia imposed sanctions on its citizens.
Being able to transact value in Bitcoin also helps Russian oligarchs go around the Western sanctions. It may also help Russian companies and even the Russian central bank to move funds as these entities can no longer access US dollars, and most of the Russian banks are no longer part of the SWIFT system.
