EU banned companies from accepting crypto from Russians

The new package of sanctions will restrict the deposit of funds to the crypto wallets of residents of the Russian Federation.

08.04.2022 - 13:00

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What’s new? The European Union has banned companies from accepting crypto from Russians. The new ban will restrict the deposit of funds to the cryptocurrency wallets of Russian residents, according to the EU’s press release. The European Commission stated that this measure will “contribute to closing potential loopholes” in existing restrictions.

The EU’s press release

What had happened before? In early March, the European Union (EU) announced restrictions against Russia that affected the cryptocurrency industry. Switzerland will also freeze digital assets that belong to individuals on the sanctions list. The cryptocurrency wallet MetaMask has already supported the sanctions against Russia, as well as exchanges such as Kuna, WhiteBIT, and CEX.io which completely have blocked users from the Russian Federation.

The Ministry of Finance of the Russian Federation noted that Western sanctions stimulate the development of the cryptocurrency industry in Russia. Director of the Finance Ministry’s Financial Policy Department Ivan Chebeskov stressed that Russians are experiencing difficulties withdrawing their own funds from foreign exchanges.

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