EU proposes to ban crypto services from providing services to Russians

The introduction of new sanctions is still under discussion with the member states of the European Union

29.09.2022 - 09:00

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What’s new? The EU authorities plan to impose a ban on working with cryptocurrency services for Russians. The new sanctions are proposed in response to the holding of referendums on joining the Russian Federation in the Kherson, Zaporizhzhia, Lugansk, and Donetsk regions. If the decision is made, European companies will no longer be able to provide crypto wallets, accounts, and digital asset services to citizens or organizations from Russia, CoinDesk reports.

News on the CoinDesk website

What is known about the new restrictions? According to CoinDesk sources, previous restrictions on the possession of cryptocurrencies in the amount of up to €10 000 will be lifted. The new sanctions could reduce that figure to zero, potentially meaning that Russians will not be able to hold any assets in EU crypto wallets. Full details on the new sanctions package have not yet been published, as the procedure is still subject to agreement by all EU member states.

In August, the US presidential administration said that it would tighten controls on crypto platforms and banks to prevent Russia from circumventing sanctions.

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