The European Union bans the provision of high-value crypto services in Russia

The European Union has banned the provision of high-value crypto-asset services to Russia in the latest round of sanctions following the country’s invasion of Ukraine. In a press statement, the EU said under its fifth package of sanctions on Russia that EU-based crypto exchanges were already required to implement sanctions that bar transactions from targeted individuals, but there were concerns that loopholes remained. have happened. This refers to fears that wealthy Russians may use cryptocurrencies to escape the financial sanctions imposed on Russia.

“A ban on providing high-value crypto-asset services to Russia. This will contribute to closing potential loopholes. Prohibition on advising wealthy Russians on trusts, which made it more difficult for them to store their funds in the EU is,” the statement read.

The European Union further stated that the restrictions have been extended to restrict deposits in crypto wallets.

Other financial sanctions in this package include a “complete transaction ban and asset freeze on four Russian banks, which are now completely cut off from markets.”

Wealthy Russians have also been banned from providing financial advice to make it more difficult to store their money in the EU. According to the Council of the European Union, additional sanctions were adopted after Russia’s atrocities in Buka.

Crypto Prohibition is one of three financial measures listed in the six-part ban package. Other items listed include a complete asset freeze on four Russian banks that account for more than a fifth of the country’s banking sector and a ban on advisory services to wealthy Russians.

Other sanctions included in the sanctions package include import restrictions on all Russian coal, but not oil and gas. The sanctions also target goods such as cement, rubber and vodka. The fifth round of sanctions also barred Russian citizens from buying contracts in the EU.

According to the country’s Prime Minister Mikhail Mishustin, Russians reportedly have $130 billion (about Rs 9,86,600 crore) worth of cryptocurrencies. Mishustin made this claim while presenting the annual report on behalf of the government on Thursday.


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