Wednesday, October 5, 2022

Trezor Stops Wallet Shipments To Russia And Ukraine

Russia is yet to loosen up even with major firms and organizations placing sanctions and putting pressure on the economy of the nation. More tension is rising not just for Russia but also for Ukraine as Satoshi Labs, the producer of hardware wallet Trezor, impedes the distribution of its wallets in the two countries.

To coerce Vladimir Putin, President of Russia into stopping the Ukraine invasion, financial service providers, Visa and Mastercard have restricted their services to Russians. Oil and gas magnate Shell cut off ties with oil and gas companies in Russia, several other firms have all banned Russia from their services. 

Meanwhile, crypto exchange Coinbase has announced that it will not withhold its services from the embattled nation, as it could be a ‘lifeline’ for innocent Russians. According to Brian Armstrong, CEO of Coinbase, only a U.S. law can make the exchange withdraw its services.

Unlike the other crypto companies, Trezor has chosen to limit its wallet distribution but this time around, Ukraine is also affected. Ukraine is still receiving donations from individuals and organizations, even in cryptocurrency.

Trezor has pledged its support for Ukraine and has donated $1.09 million in Bitcoin (BTC) to two organizations in the country.  So far, the donations to Ukraine have topped $54 million and it’s still counting. 

Most of the funds have been directed to the government while others have gone to NGOs like Return Alive Foundation which are at the forefront of relief for soldiers and their families. 

Russia Tries to Flip Through Sanctions

Amidst all these, Russian banks are moving their financial operations to UnionPay just after it was sanctioned by Visa and Mastercard. The country is left with no option but the credit card issuance partnership.

With the March 10th deadline from Mastercard and Visa approaches, the Russian central bank has advised its citizens to withdraw all its funds from the accounts for which they hold those cards. They may likely deposit them into UnionPay.

The financial firm has been in operation since 2002 and has a presence in about 180 nations worldwide. In the near future, UnionPay is likely to gain massive global recognition with this adoption by Russia.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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