As the development in the ongoing war between Russia and Ukraine, the former reported to organize referendums within the occupied regions of the latter. The whole world condemn this move of Russia and call out for necessary steps against the country. In this series, the European Union decided to take action by putting a ban on crypto investments of Russia.
The EU considered the recent so-called referendums on regions of Ukraine as an act of showcasing fake independence and called for a crypto ban within the bloc region.
Earlier in July, the European Union put a cap limit on crypto payments from Russian wallets to European wallets. The limit was set to send crypto assets up to 10,000 euros or 9,600 USD only. This took place in order to discourage the use of crypto assets by Russia to mitigate the losses following the sanctions from western and European countries.
According to a person with knowledge about the issue, now the EU could throw away the earlier cap of 10,000 euros worth crypto assets transfer and make it completely nil. The step will ultimately reduce the transfer amount to zero—being implied as clearly a sign of ban on crypto transactions from Russia.
On Wednesday, September, 28th, 2022, Ursula von der Leyen, President of the European Commission said Russia illegally tried to occupy the sovereign regions belonging to Ukraine by organizing fake referendums in the region. It was considered as an illegal attempt to change the international borders.
The statements came after voting event took place in the regions under Ukrainian dominance—Luhansk, Donetsk, Kherson and Zaporizhzhia—in the last five days.
In addition to the crypto transactions ban, the European Commision President also announced a price cap on oil from Russia. Additionally, she also called out for a ban on the export of aviation items and electronic components along with restricting Russian goods imports. These bans altogether would result in loss of approx seven billion euros.
Source: https://www.thecoinrepublic.com/2022/10/01/crypto-transactions-ban-european-union-retaliates-over-russian-referendum-in-ukraine/