The EU Implements New Crypto Limitations for Russians
In response to Russia’s military offensive against Ukraine, the European Commission has imposed additional restrictions on Russian nationals and residents. As part of its 12th sanctions package against Russia, the EU has banned them from owning or controlling crypto service providers. The objective of these measures is to tighten regulations on the provision of crypto-asset wallet, account, or custody services to individuals in Russia.
Expanding Restrictions
This latest move builds upon previous actions taken by the EU. In October 2022, the bloc introduced a geographical restriction that prohibited Russian citizens from operating crypto wallets within the European Union. Additionally, Russian citizens were already subject to a limit of 10,000 euros on crypto transactions.
Unprecedented Sanctions
The EU has been implementing a series of unprecedented sanctions against Russia since early 2022 in response to its aggression against Ukraine. These measures include targeted restrictive measures, economic sanctions, and visa measures. The goal is to impose severe consequences on Russia and effectively hinder its ability to continue its aggression. The EU has also imposed sanctions on Belarus and Iran.
Hot Take: EU Tightens Crypto Restrictions on Russians Amidst Ongoing Conflict with Ukraine
The European Union continues to escalate its efforts to pressure Russia in response to the military offensive against Ukraine. By imposing new limitations on Russian nationals and residents regarding crypto service providers, the EU aims to tighten control over the provision of cryptocurrency-related services in Russia. These measures build upon previous restrictions and demonstrate the EU’s commitment to taking strong action against Russia’s aggression. As tensions persist between the two nations, it remains to be seen how these limitations will impact the crypto landscape in Russia and whether they will achieve their desired objectives.
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