Latest EU Sanctions to Restrict Russians’ Access to Crypto Services in Europe, Report Unveils
New sanctions discussed by EU member states amid the current escalation of the conflict in Ukraine are going to restrict European crypto services for Russians. Reports about the tightening have come after earlier this year the Union banned only “high-value” crypto-asset services to Russian residents and companies. EU Expected to Target Crypto Services for Russians in New Round of Sanctions Over Ukraine
The European Union is preparing to punish Russia with more sanctions over its decision to announce partial mobilization as part of its escalating military intervention in Ukraine and moves to annex occupied Ukrainian territories through what are seen as sham referendums.
The package will hit trade in the first place, with European Commission President Ursula von der Leyen announcing intentions to impose a new ban on Russian imports as well as the export of technologies that could be employed by the Russian military. A price cap for Russian oil is planned, too.
The new measures would also aim to further restrict the ability of Russians to transfer wealth using digital assets like cryptocurrencies, according to Bloomberg quoting a knowledgeable source. Brussels wants to prevent European companies from providing crypto wallet, account, or custody services to Russian citizens and entities, the report reveals.
Jewelry and precious stones are also on the list, the person added, asking not to be identified as the proposal is still confidential. It also suggests cracking down on people who try to circumvent the sanctions, aims to ban EU nationals from holding high-paying roles in Russian state-owned companies, and to punish individuals and entities involved in staging the recent referendums in Ukraine.
Cryptocurrencies were targeted in sanctions introduced this spring, the fifth round of such measures approved by the EU Council, designed to narrow existing loopholes in the crypto space. At the time, the European Union prohibited the provision of “high-value” crypto-asset services to Russian entities and residents. The restrictions applied to digital funds exceeding €10,000 (now $9,803).
Since Moscow launched in late February a full-scale military invasion of neighboring Ukraine, which has been granted the status of a candidate for EU membership, the 27-strong bloc has adopted multiple packages of sanctions against the Russian Federation. For each to be enforced, the unanimous approval of all member states is required. Tags in this story ban, conflict, Crypto, crypto assets, crypto services, Cryptocurrencies, Cryptocurrency, custody, escalation, EU, european, European Union, mobilization, prohibition, referendums, restrictions, Russia, russian, Sanctions, Ukraine, ukrainian, Wallet, War
Do you expect the European Union to expand the restrictions on crypto services for Russians and Russian companies? Tell us in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Microstrategy Is Seeking a Full-Time Lightning Network Engineer to Build a SaaS Platform NEWS | 10 hours ago Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill NEWS | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Officially Launches Crypto Exchange in New Zealand Following Regulatory Approval Next articleReport: Uniswap Seeks to Raise $200 Million in Fresh Capital at $1 Billion Valuation Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher