EU Issues Fresh Sanction on Russia Including Crypto Services

• Formerly, Russian citizens were permitted to hold up to 10,000 Euros in crypto.
• More billionaires, top military leaders, and propagandists have been sanctioned.

The European Council of the EU issued the eighth round of sanctions on Russia on Thursday. All cryptocurrency wallets, accounts, and custody services are now illegal for Russian people, legal organizations, and foreigners. In addition to IT consulting, the provision of legal advice, architectural and engineering services to Russian authorities and organizations is also prohibited.

On October 6th, the European Council of the EU agreed on a new round of sanctions on Russia for its aggression in Ukraine. 

Sanction on Crypto Services

New sanctions against Russia prohibit providing Russian citizens or any Russian-based organization with access to cryptocurrency wallets, accounts, or custody services.

Formerly, Russian citizens were permitted to hold up to 10,000 Euros in cryptocurrency. Through EU-based wallets, accounts, and crypto custody companies. However, due to the new prohibitions, no crypto services may be used in any way.

The new restrictions expand the list of services. That may no longer be delivered to the Russian government or Russian legal entities. The Council thinks it will further degrade Russia’s industrial and military capacities, which might impede Russia’s aggressiveness against Ukraine.

New export and import restrictions, the adoption of the G7 oil price limit, and restrictions on state-owned firms are all part of the package. Furthermore, more billionaires, top military leaders, and propagandists have been sanctioned.

As a result of the conflict between Russia and Ukraine, commodities and energy prices have risen to all-time highs. The outcome was a precipitous decline in the value of cryptocurrencies and stocks throughout the world.

Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies, are down by more than 60% since the beginning of the year. In the meanwhile, Russia plans to soon legalize cryptocurrency and mining.

Recommended For You:

European Parliament Votes in Favor of Crypto Tax Policies