To prevent Russians from making global transactions with digital assets, especially since this sector is not dominated by central banks, EU previously restricted Russian payments to European crypto wallets to 10,000 euros ($9,600). European Commission President Ursula von der Leyen claimed that the sham referenda organized in the territories occupied by Russia are an illegal attempt to grab land and change international borders by force.
Tensions are rising more and more between Russia, US and EU. Since being removed from Swift and facing increasing pressure, the number of wallet addresses holding more than 1,000 Bitcoins has spiked, Bitcoin trading volume in Russia also reached the highest level. The severe devaluation of the Russian Ruble made Russians flee to crypto.
However, according to the latest sanctions package against Russia announced on Oct 6, instead of being limited to 10,000 euros, EU will ban all wallets, accounts, crypto custody service, irrespective of the amount of the wallet to the Russians in the bloc. The package also included new EU import bans worth of 7 billion euro in an attempt to curb Russia’s revenues as well as export restrictions.
The package marks the eighth round of sanctions introduced by the EU in response to Russia’s February 24 invasion of Ukraine. All previous and new restrictions will be applied to all Russian-occupied territories in Ukraine, including the Zaporizhzhia and Kherson regions, according to the Council.
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