They likely can't mine at scale because of infrastructure damage, and much of their available energy and resources need to be diverted toward the war. Yes, Bitcoin can bypass financial sanctions, but that doesn't necessarily mean they're accumulating it. More likely, they're spending it as soon as they receive it. War doesn't allow nations to save, it forces them to spend. And when Bitcoin is sent to another country to get around transaction, who's to say those counterparties aren't immediately selling it? If those recipients are converting Bitcoin back into fiat, and there isn't enough buy-side demand to absorb the supply, the fiat price falls. In that scenario, the Bitcoin network continues functioning exactly as designed, but the market price still dumps because the marginal flow is overwhelmingly sell-side.