As part of the latest sanctions package restricting measures against the Russian Federation for its military aggression in Ukraine, the Council of the European Union is trying to cut off Russians from certain cryptocurrency services.
The EU Council’s communication on Friday stated that sanctions included “closing potential gaps in the use of digital assets for Russian entities and individuals seeking to avoid sanctions”. In particular, it states that this is a “ban on the provision of high-value crypto services” in connection with Russia.
The EU has adopted new sanctions in response to Russia’s war of aggression against Ukraine. These include a ban on:— EU Council (@EUCouncil) April 8, 2022
🚫 imports from Russia of coal
🚫 Russian vessels from accessing EU ports
🚫 Russian and Belarusian road transport operators
In addition to this step, the EU Council has proposed a freeze on assets associated with four leading Russian banks, as well as a ban on providing trusteeship advice to rich Russians.
The European Union did so just a day after Russian Prime Minister Mikhail Mishustin said the Russians had more than $ 130 billion in cryptocurrencies, an equivalent almost equal to their estimated gold reserves.