EU Bans Russians from Making Crypto Transactions to Europe

| Updated
by Ibukun Ogundare · 3 min read
EU Bans Russians from Making Crypto Transactions to Europe
Photo: Depositphotos

The European Commission ensures it enforces the sanctions across Europe. The EU remains to support Ukraine and its people alongside several international partners.

Following recent EU sanctions, Russians will not be able to send crypto payments to Europe. The union seeks to tighten its sanction against the world’s largest country. They regarded the sanction as a “sham” secession vote, affecting four Ukrainian regions. Namely, the regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia in Ukraine are affected.

Last week, the EU announced the impending restriction which would restrict many Russians from accessing their crypto investments. The restrictive measures target key decision-makers, oligarchs, senior military officials, and propagandists. These elites are solely responsible for breaching Ukraine’s territory.

EU Bans Russians from Making Crypto Transactions to Europe

The bloc introduced the eighth set of economic and political measures against Russia. They have taken several actions against Russia for its aggressive invasion of one of its neighboring country, Ukraine. In April, the EU limited Russians from transacting above 10,000 euros ($9,900) in crypto to Europe. The crypto pathway has been the alternative to the restrictions placed on large commercial banks. The law implies that no Russian can hold any crypto assets. The body hinted then that it could reduce subsequent measures to zero.

The president of the European Commission, Ursula von der Leyen, said:

“The sham referenda organized in the territories that Russia occupied are an illegal attempt to grab land and to change international borders by force.”

She further announced there would be a price cap on Russian oil and a ban on exporting aviation items and electronic components. After thorough deliberation by the Council, it will implement the crude restriction on the 5th of December, 2022. It will also implement the restriction of refined petroleum products on the 5th of February, 2023. There will also be restrictions on the importation of Russian goods depriving the country of seven billion.

EU Conditions Russians

In a press release, the presiding government in Europe enacted the proposal of restricting Russians from making crypto transactions.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet”

The EU implemented the new measures to curb Russia’s attempt to add the regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia. The previous sanctions have prevented the country from manufacturing weapons, repairing faulty ones, and transporting materials. The crypto ban will grossly affect all Russians except those who live in the bloc.

The European Commission ensures it enforces the sanctions across Europe. The EU remains to support Ukraine and its people alongside several international partners. The body has continually provided additional political, financial, and humanitarian support.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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