EU limits Russians' crypto investments to 10k Euros
The sanctions aim to increase economic pressure on the Kremlin and make it more difficult for Russia to fund its invasion of Ukraine
By Shashank Bhardwaj
In response to Russia’s military assault on Ukraine, the European Union (EU) has issued a fresh set of sanctions against the country. These latest sanctions prohibit the provision of "high-value" crypto-asset services to the Russian Federation.
According to the new Council regulation, published in the Official Journal of the European Union, the ban applies to all crypto wallets, accounts, or custody services for Russian citizens, other residents, and legal entities established in the country on digital funds exceeding a total value of €10,000.
The sanctions are aimed to increase economic pressure on the Kremlin and make it more difficult for Russia to fund its invasion of Ukraine.
“In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures,” the EU states. “In particular, it is appropriate to extend the prohibition on deposits to crypto wallets.”
The sanctions, which were first imposed the day after the invasion on February 25, permitted Russians to move up to €100,000 into EU bank accounts. They also prohibited the selling of banknotes and transferable assets denominated in the Euro or other official currencies of EU member states to Russia and Belarus, Moscow's closest allies, or to any person or business registered in those countries.
The restrictions also included asset freezing and a complete prohibition on transactions for four Russian banks, which account for a quarter of the country's banking sector. With the latest sanctions, the authorities have now placed a lower limit on crypto transactions.
President of the European Central Bank Christine Lagarde recently warned that cryptocurrency was being used to avoid sanctions. Officials in the United States have also issued warnings to crypto exchanges that do not comply with Russian sanctions. Last month, Deputy US Treasury Secretary Wally Adeyemo stated that American officials are on the lookout for any entity attempting to assist Russia in evading sanctions.
(The writer is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist)
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Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..