EU Introduces Crypto Ban in New Russia Sanctions

MiCA vote

October 7, 2022

Reading Time: 2 minutes

As per the latest release on October 6, the European Union has introduced a new set of sanctions on Russia as a penalty for the annexation of some Ukrainian territories.

Russia’s attempts to evade sanction through crypto show how important crypto is becoming to the global financial system, no wonder the EU responded swiftly to that, With governments increasingly turning to crypto, more funds will be entering the system and soon, we might start experiencing a juicier crypto market; personal interaction with experts monitoring markets 24/7 will give you access to certain information that will propel you ahead of others.

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EU Introduces New Crypto Ban on Russia

Recently, there was a report of Russia’s recent approval of crypto payments for cross-border trade to circumvent the Western sanction. The EU has responded swiftly to the move in the new sanctions imposed on Russia.

Among the fresh sanctions imposed on Russia is the ban on cross-border crypto payments between the EU and Russians. This statement includes the prohibition of, “all crypto asset wallets, accounts or custody services, irrespective of the amount of the wallet.”

“This new sanctions package against Russia is proof of our determination to stop Putin’s war machine and respond to his latest escalation with fake ‘referenda’ and illegal annexation of Ukrainian territories,” the European Council’s press service quoted EU foreign policy chief Josep Borrell.

Before these fresh sanctions, Russian crypto payments to European wallets have already been limited to 10,000 euros ($9,900).

However, the new sanctions seem to be due to the limit that is already in place is not enough to curb payments from Russia, as per a spokesperson.

“We realized that transactions were still going on on some scale” even after measures were imposed in April, an EU official said. “We wanted to make sure that these services are not rendered any more” by EU operators.

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