In a statement on Oct. 6, regulators within the European Union illegal all crypto-asset wallets, accounts and custody services from Russia.
In a statement released on October. 6, the European Union introduced another set of sanctions against Russia thanks to the prolonged and recently escalated conflict in Ukraine.
The new sanctions include a complete ban on cross-border crypto payments between Russians and also the EU. This statement includes the prohibition of, “all crypto-asset wallets, accounts, or custody services, no matter the number of the case.”
New sanctions were installed as a response to Russia’s annexation of Ukrainian territory as the result of what the EU calls a “sham” vote, along with troop mobilization and threats of nuclear step-up.
The previous sanctions capped crypto payments from Russian to EU wallets at 10,000 euros (approximately $9,900).
However, this new total ban on cross-border crypto payments between the regions aligns with the EU’s want to “further deprive the Kremlin’s military and industrial advanced of key elements and technologies.”
This comes shortly when Russian officials’ approval of the usage of crypto for cross-border payments. within the policy, that approved such transactions, lawmakers described ways to acquire cryptocurrency and its uses.
The decision aligned with the financial institution of Russia’s agreement to legalize crypto for cross-border payments a few weeks prior on Sept. 5.
On its relations with China, Russia aims to use a central bank digital currency, that is currently in a very pilot part, for transaction settlements. Previously, in 2020, the country adopted a law that illegal payments via digital assets.
However, continuing with the newest tightening of sanctions from the EU, Russia faced additional blockages from the u. s.. On Sept. 15, the U.S. Treasury Department added 22 Russian people and two entities based mostly within the country to its own list of sanctions as a results of neo-Nazi paramilitary activity.
( Savannah Fortis, Cointelegraph, 2022 )