The European Union countries agreed on the eighth round of sanctions against Russia in retaliation for its recent partial military mobilization and illegitimate takeover of areas of Ukraine. Therefore, the EU bans all crypto asset transactions involving Russian-based entities and individuals. In its eighth round of sanctions, the European Union has imposed a complete ban on cryptographic services for Russian businesses.
The Czech government, currently serving as the term president of the European Union Council, confirmed the ban via Twitter. As a strong EU reaction to Putin’s illegal takeover of Ukrainian territory, EU ambassadors secured a political agreement on additional sanctions against Russia.
❗️The EU Council approved the 8th package of sanctions against Russia
The new package includes:
Prohibition on servicing crypto-wallets of Russian citizens
Prohibition for EU citizens to hold senior positions in Russian state-owned companies
— NEXTA (@nexta_tv) October 6, 2022
Crypto Ban on Russian Entities
The EU officially banned the provision of crypto-asset wallets, accounts, or custodian services to Russian citizens. According to the statement, the negotiated package includes a complete prohibition on providing crypto-asset wallet, account, or custody services to Russian citizens and residents, regardless of the overall value of the crypto-assets. Furthermore, it is illegal to provide architectural and engineering services, IT consulting services, or legal advice to Russia.
EU updates guidance on transfer to third countries of specific energy-related goods https://t.co/x6ugqSEmn3
— European Sanctions (@EUSanctions) October 7, 2022
The European Union has also prohibited any activities involving the Russian Maritime Register, adding it to the list of state-owned enterprises subject to transaction restrictions. The EU has stated that it is willing to impose targeted sanctions on those who assist in Russian sanctions evasion.
In addition, the Council will broaden the listing criteria used to support specific designations. It is to open the door to the possibility of prosecuting anyone who aids in the avoidance of EU sanctions. Furthermore, they prohibited citizens of Brussels from serving on the governing boards of Russian state-owned or controlled legal persons, companies, or bodies.
Why Did EU Ban Russian Crypto Asset Transactions?
The European Union has imposed broad restrictions on providing crypto services to Russians as it tightens sanctions in response to what it calls “sham” independence referendums in four Ukrainian regions.
Sham ‘referendums’ orchestrated by Russian forces have been postponed in Zaporizhzhia and Kharkiv oblasts as of last week.
— The Kyiv Independent (@KyivIndependent) September 19, 2022
Following Russia’s invasion of Ukraine in February, the EU increased the limit on cryptocurrency transfers to European wallets to 10,000 euros ($9,900), ushering in the eighth round of economic and diplomatic sanctions against Russia. The sanctions are in response to Russia’s attempt to seize Luhansk, Donetsk, Zaporizhzhia, and Kherson.
Furthermore, the goal is to cap the price of oil that Russia may export specifically. The crypto ban, which took effect on October 6 after being published in the EU’s official journal, prohibits European crypto providers from providing services to Russian individuals or businesses who are not EU citizens.
As a result, the cryptocurrency ban appeared to be motivated by concerns that the 10,000 euro limit was insufficient to prevent transfers from Russia.
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