The European Commission is looking into whether crypto assets are being used to circumvent financial sanctions imposed on Russian banks, a senior European Union official said in a statement, Reuters reported.

Trading volumes between the Russian ruble and the Tether cryptocurrency surged on Monday as the local currency fell to an all-time low due to Western sanctions.

Cryptocurrency exchange Binance, however, has blocked the accounts of all Russian clients that are subject to sanctions.

A senior EU official said the EU was aware that crypto assets were a possible workaround to avoid sanctions. According to the official, the European Commission has studied press reports about crypto assets, and also received information directly.