EU Bans High-Value Crypto Services to Russia

In the latest round of sanctions imposed in response to Russia's invasion of Ukraine, the European Union has prohibited the offering of high-value crypto services to Russia.

The EU noted in a press statement that targeting crypto assets as part of the fifth package of sanctions against Russia attempts to narrow any loopholes. This comes following reports that Russia may be resorting to crypto-assets as a means of evading the west's crippling financial sanctions.

The EU further stated that the measures included a ban on deposits to cryptocurrency wallets.

Following the invasion, EU-headquartered crypto exchanges were forced to impose sanctions preventing transactions from Russia's targeted persons. Despite the order, there are fears that some loopholes exist, as European Central Bank President Christine Lagarde has acknowledged.

Aside from cryptocurrency, the EU has prohibited the selling of banknotes and transferable securities such as shares denominated in any of the EU member states' official currencies to Russia and Belarus.