EU Targets Crypto Services in Fresh Round of Russia Sanctions

The European Union (EU) has agreed to bar Russians from being able to access “high-value” crypto services as part of the latest round of sanctions imposed on the country due to its invasion of Ukraine. EU Bans ‘High-Value’ Crypto Services to Russia On Friday, the European Union (EU) introduced fifth-round sanctions against Russia in response to the Ukraine war. The crypto prohibition is one of three financial measures listed in the six-part sanctions package to “contribute to closing potential loopholes.” The EU has adopted new sanctions in response to Russia’s war of aggression against Ukraine. These include a ban on:🚫 imports from Russia of coal 🚫 Russian vessels from accessing EU ports 🚫 Russian and Belarusian road transport operators More ⬇️#StandWithUkraine — EU Council (@EUCouncil) April 8, 2022 Other items listed include a “full transaction ban and asset freeze on four Russian banks, which are now totally cut off from the markets.” A prohibition has also been placed on providing financial advice to wealthy Russians to make it more difficult to store their wealth in the EU. “Together with the four previous packages, these sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine,” the European commission said in a statement. The European Commission also confirmed a full transaction ban on four Russian banks, including VTB. These financia...