Russia is looking for ways to get around sanctions in the energy, gold, and cryptocurrency sectors

<p>Former Treasury Department officials and sanctions experts predict that Russia will try to mitigate the financial penalties by selling energy and relying on the country's gold and Chinese currency reserves. </p> <p>The harsh sanctions imposed on Russia, as well as the subsequent collapse of the rouble, have the Kremlin scrambling to keep the country's economy running. For Vladimir Putin, this means finding ways to circumvent the Western economic blockade while his forces continue to invade Ukraine. </p> <p>Former Treasury Department officials and sanctions experts predict that Russia will try to mitigate the financial penalties by selling energy and relying on the country's gold and Chinese currency reserves. Putin is also expected to move funds through smaller banks and accounts of elite families that are not subject to sanctions, deal in cryptocurrency, and rely on Russia's relationship with China. </p> <p>Right now, "the biggest two avenues that Russia has are China and energy," according to John Smith, former director of the Treasury's financial intelligence and enforcement arm. </p> <p>The United States and the European Union have imposed sanctions on Russia's largest banks and elite, frozen the assets of the country's Central Bank located outside the country, and barred its financial institutions from using the SWIFT bank messaging system — but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world. </p> <p>While Russia is likely to turn closer to China to compensate for lost supplies of goods and services from the West, Smith added, "they're also betting that their enormous energy supplies will continue to be in demand, particularly during this cold winter." If they can get their energy to market, they can make a lot more money." </p> <p>Last month, Russia and China signed a 30-year agreement that will allow Russia to supply gas to China, though the pipelines to carry that gas will not be completed for at least three years. Furthermore, China announced las