Reuters: EU plans to impose sanctions on Russian crypto-assets

For now, the officials are waiting to see the effect of a number of restrictions against Russia before imposing new ones

04.03.2022 - 07:15

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What’s new? The European Union (EU) is working on further sanctions against Russia, which may also affect the cryptocurrency industry. Earlier, the EU imposed financially restrictive measures against Moscow, affecting a number of Russian banks in particular. This is reported by Reuters, citing its own sources.

Information on the Reuters website

What do the officials say? According to Reuters, European officials have decided to discuss the introduction of restrictions following concerns from the US and the UK. The governments of those countries have stated that Russia can use digital assets to circumvent sanctions. ECB chief Christine Lagarde noted that measures should be taken to prevent this. One of the European officials on condition of anonymity told Reuters:

“We still have many ideas how we can take work forward when it comes to sanctions, whether it’s on trade, whether it’s on energy, whether it’s on exports or shipping. So it is being worked on as we speak. We see the implementation and the effect of what we have done so far.”

What had happened before? Last week the EU approved a raft of financial, energy, export, and tourism bans. These include freezing the assets of Russia’s Central Bank, closing EU airspace to Russia, and excluding some Russian banks from the SWIFT international payments system.

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