EU Confirms Blanket Ban On All Crypto And Related Services To Russians

The EU’s European Council on Thursday announced the 8th package of sanctions against Russia. The new package tightens existing prohibitions on crypto assets by banning all crypto-asset wallets, accounts, and custody services to citizens, individuals, and entities in Russia. It also bans other services including IT consultancy, legal advisory, architecture, and engineering services to the Russian government and entities.

The EU Bans Crypto Services to Russia in New Sanctions

The EU’s European Council on October 6 approved the 8th package of sanctions against Russia for its aggression on Ukraine. The fresh sanctions on Russia include a blanket ban on all crypto-asset wallets, accounts, and custody services offered to Russians, as well as individuals or entities in Russia.

Previously, the EU allowed Russians to have crypto investments of up to 10,000 Euros in crypto-asset wallets, accounts, and crypto custody providers. However, the new sanctions ban access to all crypto services.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”

The new sanctions widen the ban on services including IT consultancy, legal advisory, architecture, and engineering services provided to the government of Russia or legal entities in Russia. The Council believes it will further weaken Russia’s military and industrial components, potentially slowing its aggression against Ukraine.

Other sanctions in the package include new export and import restrictions, the G7 oil price cap implementation, and restrictions on state-owned enterprises. Moreover, additional oligarchs, senior military officials, and propagandists have been sanctioned.

“The EU continues to ensure that its sanctions do not impact energy and agrifood exports from Russia to third countries.”

Impact of the Russian-Ukraine War on the Crypto Market

The Russia-Ukraine war has pushed inflation to new highs as energy and commodity prices jumped to record levels. As a result, the crypto and global equities markets came under pressure, with prices dropping severely low.

Top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are down over 60% since the start of the year. The BTC and ETH prices are trading at $20,208 and $1,365, respectively. Meanwhile, Russia looks to legalize crypto and crypto mining soon.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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