- Russians send money abroad despite sanctions
- They can withdraw tens of thousands of dollars
International anti-corruption organization Transparency International discovered at least 8 OTC brokers in Moscow who can sell tens of thousands of dollars in stablecoins for cash. All this is done quite quickly and without paperwork.
Transparency said most brokers have focused on the UK, as the country has long been a hub for Russian money stashed abroad. In particular, these are the firms of Russian oligarchs who keep their assets in luxurious houses and football clubs.
After Russia attacked Ukraine on February 24, 2022, the entire civilized world took measures to isolate the aggressor country from the global financial system. In particular, the majority of Russian banks were excluded from SWIFT.
But despite all the sanctions, it is still possible to transfer Russian rubles outside the country. For example, you can buy USDT stablecoin for cash in Moscow and then sell it in London. No registration, no KYC, no licenses or warranties.
Transparency International has released the names of brokers who are involved in such activities. They said they could process payments of $10,000 or more. Among them: Pridechange, Bitokk, Alfa.exchange, Finex24, Mychange, 24ExPay, Trust-exchange and the sanctioned Suex OTC exchange, which, according to Transparency, continues to operate.