Russia’s war with the west has escalated to a new level. The Rosfinmonitoring or Federal Financial Monitoring Service has labeled the social media company Meta as a terrorist and extremist organization. Meta, previously known as Facebook, has been added to a list of organizations involved in terrorism and extremist activities.
Russia had previously claimed that Meta was an extremist organization. It banned Facebook and Instagram in Russia, alongside other social media platforms such as Twitter. They did however allow access to WhatsApp. Meta filed an appeal in a Moscow Court following Russia’s ban. However, their appeal was rejected.
Why Russia Banned Meta
Russia claims that Meta Platforms Inc. was engaging in extremist actions against Russia. It also claimed that the Meta was engaged in “Russophobia”. State prosecutors claimed that Meta is allowing citizens of other nations to engage in acts of violence against Russia. They also claimed that Meta was deliberately creating an atmosphere of mistrust against Russia and Russian citizens.
Furthermore, they claimed that Meta was suppressing any pro-Russian voice after Russia’s attack on Ukraine. Meta denied all such allegations and filed an appeal which was later denied.
However, experts claimed that Russia’s banning of social media platforms is an attack on free speech. They claimed that Russia is trying to control the flow of information and is curbing any dissent. Social Media has emerged as an important platform for dissent against Russia.
How Is Russia-Ukraine War Affecting Crypto Market
The crypto market is currently strongly correlated with the broader general market. The Russia-Ukraine war has threatened global financial stability. Sanctions imposed against Russia can adversely impact the global economy. But the most important impact is the soaring inflation levels.
US President Joe Biden has continuously blamed Russian President Vladimir Putin for soaring inflation levels in the US. Energy prices have surged since Russia’s attack against Ukraine. The central banks have to engage in quantitative tightening which has led to a collapse in the global stock market.