Could Russia use cryptocurrencies to circumvent sanctions?

There's been several crazy sessions for cryptos over the past few days as traders continue to size up Russia's invasion of Ukraine. There has also been fierce debate whether Bitcoin (BTC-USD) and related currencies could be used to evade Western sanctions, as well as crypto's correlation to risk assets. At the time of writing, Bitcoin (BTC-USD) is up 14% to $43,590, after falling under the $35,000-level just days ago. Quote: "Bitcoin and cryptocurrencies are arguably having their watershed moment against backdrop of global uncertainty and tension related to the Russia-Ukraine crisis," said Vijay Ayyar, VP of Corporate Development at crypto exchange Luno. "Crypto is decoupling from traditional markets and can be clearly seen in the performance. It's also being donated to the Ukrainian army, proving that crypto is fundamentally a technology that cannot be ignored." "Unless the Russian companies are on the sanctions list, we can't see anything that would keep a