Financial Freedom Report #55

Russia | Sweeping Amendments Expand Financial Repression Against Dissidents

Russia’s State Duma made sweeping amendments to 48 federal laws, granting officials the power to equate “funding extremist activities” with “financing terrorism.” This move allows the regime to directly target individuals, activists, and nonprofit organizations suspected of spreading “fake news” or “discrediting” the military and regime. Once designated as a “terrorist” or “extremist,” a person or organization faces frozen bank accounts, restricted access to funds, and a withdrawal cap of just 10,000 rubles ($95) per month — a limit that extends to each dependent in their family. Compounding these hardships, employers often refuse to hire individuals on these government lists.

North Korea | Failing Currency Forces Return to Barter

North Korea’s currency crisis is forcing citizens to abandon the depreciating won currency in favor of barter. As exchange rates for foreign currencies like the US dollar and Chinese yuan hit record highs, merchants and money changers now demand commodities (such as rice and fuel) for foreign currencies and imported goods. One such example is trading around 2 kilograms of rice for a single dollar. This collapse leaves those without access to foreign currency in increasingly precarious financial positions and struggling to secure food and basic necessities. Even farmers, once partially compensated with valuable goods, now increasingly receive devalued cash, worsening nationwide food insecurity.

Nicaragua | Human Rights Abuses and Financial Repression Exposed

Under Daniel Ortega’s authoritarian rule, Nicaragua exemplifies the devastating intersection of financial repression and human rights abuses. New reports detail how the regime has confiscated over $250 million in assets, dissolved more than 5,200 NGOs, canceled pensions, and frozen bank accounts, leaving citizens financially vulnerable and silenced. Since Ortega’s return to power in 2007, and especially after the 2018 protests, his government has dismantled civil society, crushed political opposition, and eradicated independent media. Hundreds have been killed and exiled, and in 2023 and 2024 alone, 452 political opponents were stripped of their citizenship.

El Salvador | Bitcoin Adoption Limited as Government Comes to Terms With IMF

El Salvador finalized a $1.4 billion agreement with the International Monetary Fund (IMF) to support the government’s economic reform agenda at the cost of scaling back some of its Bitcoin policies. The deal will make accepting Bitcoin in the private sector voluntary, require all taxes to be paid in US dollars (as opposed to making it possible to pay in BTC), and see Chivo, the government-supported Bitcoin wallet, gradually unwound. In addition, the government will enhance “transparency, regulation, and supervision of digital assets” and establish a stronger Anti-Money Laundering and Counter-Financial Terrorism (AML/CFT) framework.

Malaysia | Parliament Passes Repressive Media Bills Amidst Financial Struggles

Earlier this year, Malaysia’s ringgit currency plunged to a 26-year low, driving up prices nationwide. As families struggled with a higher cost of living, officials passed an amendment granting law enforcement the power to freeze bank accounts suspected of fraud. Meanwhile, Malaysia’s parliament is passing two more bills to regulate media and online spaces, allowing officials to censor content and request user data from service providers without approval. Critics warn the vague language in these laws will likely be exploited to silence dissent and stifle public discourse. As financial hardships mount, Malaysia’s online spaces become increasingly controlled, eroding freedom of expression and financial autonomy.