"Last month, the European Parliament adopted a resolution demanding a full embargo on imports of Russian oil, coal, nuclear fuel and gas. We think that such attempts to end dependence on Russian energy resources could provoke the nation into diverting its fossil fuels into mining digitally encrypted monetary systems (cryptocurrencies) on a massive scale to keep its economy running. Such a move would be counter to Russia’s climate goals.
China and eight other countries have made mining and trading cryptocurrencies illegal in the past few years because of concerns over financial regulation and environmental damage caused by the huge amount of energy they require.
By contrast, late last month, a draft law was submitted to the Russian State Duma — the lower house of the country’s legislature — that would legalize and regulate cryptocurrency mining. This should ostensibly allow the Russian budget to receive extra income and create jobs. It would also ensure an almost endless monetization engine for Russian oil and gas." [1]
This is one more example of unexpected effects that sanctions have in complicated contemporary economy.
1. Nature 605, 225 (2022)
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