Tether refuses Ukraine's request to stop transactions with Russians

Ukraine's prime minister approached several western companies and major crypto exchanges with the same request.

Mykhailo Fedorov urged Tether and Chief Technology Officer (CTO) Paolo Ardoino to halt all interactions with Russians via Twitter on March 11.

Although Tether didn't respond directly to Fedorov, the company did say that it performs continual market monitoring to ensure that there are no abnormal movements or measures that would be in defiance of international sanctions.

The approach appears to be similar to that of cryptocurrency exchanges Coinbase and Kraken, which both resisted requests to cancel all Russian accounts but committed not to allow any circumvention of Western sanctions.

Since the Russian invasion in late February, Ukrainians have been paying a high premium on the local cryptocurrency exchange Kuna for Tether's USDT stablecoin, which is intended to be tied 1:1 to the US dollar.