The European Union (EU) has adopted new sanctions against Russia, including a prohibition on the provision of high-value crypto-asset services.
The EU is taking additional sanctions following Russia’s invasion of Ukraine, against Putin’s regime by executing the fifth package of restrictive measures against his regime.
The EU’s new crypto-related prohibition will “contribute to closing potential loopholes”, with an extended prohibition on deposits to crypto-wallets.
Bans on four Russian banks representing 23% of market share in the Russian banking sector subject to an asset freeze, coal imports, and advising oligarchs on wealth-hiding trusts were also announced.
Announcing the sanctions, Josep Borrell, High Representative for Foreign Affairs and Security Policy, EU Council said, “These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation.”
This news comes after Russia decided to be crypto-friendly for countries like China and Turkey by accepting bitcoin as payment for its oil and gas exports.
