EU Reveals Details of Russian Sanctions Package in New Q&A, Includes Updated Crypto Provisions
The European Union (EU) has released a Q&A revealing the latest package of sanctions against Russia. The updated sanctions aim to impose import and export bans, combat sanctions circumvention, and close loopholes. One significant provision is the limitation on the provision of crypto-asset wallet, account, or custody services to Russian individuals and residents. This ban extends to Russian nationals owning or controlling such services. The sanctions also include stricter asset freeze regulations, tightened energy measures, and stronger anti-circumvention measures.
Russian war-efforts targeted
This is the EU’s 12th sanction package against Russia since February 2022 when the country invaded Ukraine. Initially, payments from Russia to European crypto wallets were capped at 10,000 euros. However, the EU later banned all crypto-asset wallets, accounts, and custody services in an effort to curb Russia’s war efforts.
Previous sanctions and support for Ukraine
The EU has previously imposed sanctions on Russia in 2014 for destabilizing the region. The EU continues to stand firmly with Ukraine and its people and supports its economy, armed forces, society, and future reconstruction through these sanctions.
Hot Take: EU Strengthens Sanctions Against Russia with Updated Crypto Provisions
The European Union has announced a new package of sanctions against Russia that includes updated provisions on crypto. These measures aim to limit the provision of crypto-asset services to Russian individuals and residents while imposing import and export bans. The EU’s goal is to combat sanctions circumvention and close loopholes. By tightening asset freeze regulations and energy measures, as well as implementing stronger anti-circumvention measures, the EU intends to target Russia’s war efforts in Ukraine. This is the 12th sanction package launched by the EU since February 2022. The EU’s continued support for Ukraine is evident in its commitment to imposing penalties on Russia’s aggressive tactics.
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