Clinton remarked, in response to some large bitcoin exchanges failing to remove all Russian customers' accounts:

I was unhappy to learn that some so-called crypto exchanges, not all of them, but some of them, are unwilling to terminate dealings with Russians because of some, I don't know, libertarian ideology or whatever.

"If there were to be legislative or regulatory force, everyone should do everything they can right now to restrict Russian business activities," she concluded.

Related post: Biden set to give an executive directive on cryptos, CBDCs

Mykhailo Fedorov, Ukraine's vice prime minister, posted on Sunday, requesting that all big cryptocurrency exchanges restrict the accounts of all Russian users, even ordinary users. "It's critical to target average users as well as accounts associated to Russian and Belarusian officials," he tweeted.

Many big crypto platforms, on the other hand, have stated that they will not cooperate, reluctant to block all Russian users' accounts. Binance, Coinbase, and Kraken are among them. The exchanges, on the other hand, will adhere to sanctions rules.

Jesse Powell, the CEO of crypto exchange Kraken, emphasized that his company can just block Russian users' accounts if an authorities requests it, recalling what occurred in Canada during the Freedom Convoy trucker demonstration.

Powell, on the other hand, recommended individuals concerned regarding their accounts being blocked to relocate their cryptocurrencies off exchanges and keep them in their own possession.

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The Removal of Russian Banks from SWIFT Could Hurt Venezuela

The shocking news of the suspension of several Russian financial institutions from the SWIFT payment network has sparked anxiety about the consequences for nations such as Venezuela, which is heavily reliant on Russian banking. On social media, Jose Guerra, a Venezuelan economist, was among the first to comment about the potential danger.

According to Guerra,

“What would that mean in terms of Venezuela? It will be impossible to send government funds to make payments if they are held in Russian banks. Everything starts to become complex.”

Guerra went on to say that if Venezuelan money are in Russian banks, organizations like PDVSA, the country's state-owned oil company, will be incapable to make payments using those accounts. "If PDVSA has a bank account in a Russian financial institution that is not a member of SWIFT and needs to pay a contractor, it will not be able to do so that way," he explained.

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Although there is no firsthand information of the finances managed by Russian institutions by Venezuela, sources say that the penalties imposed on the South American nation have boosted dependence on these services.

Besides the stated connectivity difficulty, Venezuelan money in Russia may encounter additional obstacle. The ruble has dropped with over 30% of its worth since the announcement of some Russian financial institutions' SWIFT alienation was published, hurting organizations and nations that had their funds in the Russian national currency.

Related post: Venezuela's Government has issued a tax on crypto and foreign money exchanges

If Venezuelan cash are held in Russian banks, the problem will be exacerbated if the crisis in Ukraine intensifies or spreads. These penalties, as per Juan Gonzalez, director of the Western Hemisphere's National Security Council, will have an impact on the rest of countries in the region.