These measures are aimed at preventing oligarchs from evading sanctions by using digital assets

EU limited Russians investments in cryptocurrency to €10 000

09.04.2022 - 08:00

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1 min

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What’s new? The European Union imposed the fifth package of sanctions against Russia, the new measures will limit Russian residents’ investments in cryptocurrency to €10 000. This was reported in the Official Journal of the European Union, which was published on the evening of April 8. The new rules are designed to prevent Russian oligarchs from bypassing restrictions on investments in the EU by using cryptocurrencies.

Official Journal of the European Union

What preceded it? The fifth package of sanctions was announced by the European Commission on April 8. The restrictions, imposed on February 25, prohibit Russians from transferring more than €100 000 to bank accounts in the EU.

In early March, Europe announced restrictions against Russia which affected the cryptocurrency industry. Earlier, the EU banned anonymous transactions for its citizens. The investments of more than €1000, require one to disclose one’s identity.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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