The European Union (EU) is tightening its economic sanctions against Russia to include all crypto activities.
The EU imposed a crypto-asset limit of 10 thousand euros for Russian crypto accounts in April of this year. At the end of last month, it was preparing to impose a crypto ban for Russia, which was subjected to various sanctions due to the invasion of Ukraine. A short time later, a press release on the subject came from the European Union.
European Union to Impose Crypto Sanctions on Russia
The European Commission, in its press release, announced that it will impose the eighth tough package of sanctions against Russia for its aggression against Ukraine.
In early April, the EU banned the provision of high-value crypto services in Russia as part of a fifth package of sanctions, in an effort to close potential loopholes and make it harder for wealthy Russians to store their wealth.
With the eighth sanctions package announced today, additional bans were introduced, including (but not limited to) cryptocurrency services.
The eighth sanctions package tightened by the EU included the following details about crypto:
“Existing bans on crypto assets have been tightened by banning all crypto-asset wallets, accounts or custody services regardless of wallet size (previously allowed up to 10,000 euros)”
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