Ukraine Exposes Sanctions-Circumventing Tools Used by Russia

The State Revenue Service of Ukraine has published data on 14 entities that help Russia circumvent international sanctions. Among the tools used are ruble-linked crypto tokens, the Chinese payment system CIPS, and artificial intelligence for creating fake invoices.

One of the listed entities is Finzypay, a payment and cryptocurrency platform that works with RubX, a digital asset pegged to the ruble. Through Finzypay, users can purchase RubX using cryptocurrency or by bank transfer, and then exchange it for USDT.

The Asia-Pacific Bank has also been implicated in helping Russia conduct settlements between Russia and China in yuan through CIPS. Additionally, the bank issues UnionPay cards in rubles and yuan and uses Kazakhstan's financial infrastructure for certain transactions.