As it increases sanctions in response to what it deems a "fake" secession referendum in four Ukrainian regions, the European Union (EU) has confirmed a broad restriction on offering crypto services to Russians, reported initially last week. After the invasion in February, the bloc enacted its ninth round of economic and diplomatic sanctions against Russia, reinforcing a previous restriction that imposed a $10,000 ($9,900) cap on <a href="https://www.cryptoknowmics.com/news/ethereum-co-founder-says-cryptocurrency-payments-are-a-big-boost/" target="_blank" rel="noopener">cryptocurrency payments</a> to European wallets.
<h2>EU Confirms Russian Crypto Ban</h2>
The European Commission <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5989" target="_blank" rel="nofollow noopener">said</a> on Thursday that "all crypto-asset wallets, accounts, or custody services have been banned, regardless of the wallet volume," tightening the restrictions already in place on digital assets.

Following Russia's attempt to annex the areas of Donetsk, Luhansk, Kherson, and Zaporizhzhia, the country has taken these actions, which specifically aim to control the price of oil that it can export. It also covers people and organizations involved in the defense industry, such as senior military officers and businesses that aid the Russian military. The EU still goes against anyone who spreads false information about the conflict.
<h2>Prior Crypto Sanctions</h2>
On 28 September 2022, the High Representative issued a declaration on behalf of the EU, once more condemning the illegal sham "referenda" in the strongest possible terms and confirming that the EU would never recognize them and their falsified outcome. Prior <a href="https://www.cryptoknowmics.com/news/crypto-funds-raised-by-pro-russian-groups-to-evade-u-s-sanctions/" target="_blank" rel="noopener">crypto sanctions</a> applied to Russian people, residents, and entities unless they were based in the EU and went into force upon publication in the Official Journal of the Union.

Russian Crypto Ban By EU Confirmed As Bloc Tightens Sanctions

Crypto services will no longer be provided to Russians by the EU due to sanctions imposed after 'sham' secession votes in four Ukrainian regions.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Russian Crypto Ban By EU Confirmed As Bloc Tightens Sanctions

Top Picks