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EU Bans Providing High-Value Crypto Services to Russia

The decision comes after reports that crypto is being used to get around sanctions imposed in response to Ukraine’s invasion.

The European Union Council has banned providing high valued crypto services to Russia over invasion of Ukraine.

Reports say that this is part of a fifth package of sanctions issued in response to the Ukraine war.

European Union member states agreed on Friday to prohibit the provision of high-value crypto-asset services to Russia.

This online news outlet understands that the measures, which were announced alongside bans on four Russian banks.

Coal imports, and offering oligarchs advice on wealth-concealing trusts, will “contribute to closing potential loopholes,” in existing restrictions, according to the European Commission.

The restrictions, according to the EU Council, which represents national governments within the bloc. Extend a prohibition on deposits to crypto wallets.

Despite little evidence, European Central Bank President, Christine Lagarde, recently warned that crypto was being exploited to avoid sanctions.

Africanewseye reports that the commission stated in an April 4 FAQ that crypto was already covered in existing asset freezes.

And that on March 9 the term of “transferable securities” was expanded to encompass virtual assets.

“These sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.”

The European Commission wrote in a statement. “These measures are broader and sharper, so that they cut even deeper into the Russian economy.”

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