EU checking if cryptoassets being used to bust Russian sanctions - EU official

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/

LONDON (Reuters) - The European Commission is studying whether cryptoassets are being used to get round financial sanctions imposed on Russian banks following the country's invasion of Ukraine, a senior European Union official said on Wednesday.

Trading volumes between the Russian rouble and the Tether cryptocurrency spiked on Monday as the local currency tumbled to a record low on Western sanctions.