European central bank head says cryptos used to evade Russian sanctions

European Central Bank (ECB) President Christine Lagarde said Tuesday that cryptocurrencies are used to evade sanctions on Russia.

"Crypto assets are certainly being used to try and evade sanctions," Lagarde said during a speech at the Bank for International Settlements (BIS) Summit.

While the Russian ruble flowing into stable coins and cryptocurrencies are clearly on the rise in volume, she said the amount of flow is at its highest since May 2021.

European Commission President Ursula von der Leyen said March 14 that officials are working so that Russia and its elites cannot use crypto assets to circumvent sanctions.