- Russia`s sanctions on cryptocurrencies have been tightened.
- Russians can no longer be given access to any crypto services: EU.
- The sanctions now include IT consulting and legal advice.
As sanctions are tightened in response to what it considers a “fake” independence referendum in four areas of Ukraine, the European Union has announced a broad prohibition on supplying crypto services to Russians.
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” the European Commission said in a statement on Thursday, after proposals it made last week were signed off by EU governments.
The fifth series of such measures, authorized by the EU Council, was launched this spring and specifically targeted cryptocurrencies in order to close current gaps in the cryptocurrency industry. Rich Russians found it challenging to “save their riches in the EU” as a result of this
After the invasion in February, the eighth round of economic and political sanctions was imposed on Russia, reinforcing a prior restriction that put the maximum amount of cryptocurrency transfers to European wallets at 10,000 euros ($9,900).
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed).”
The package expands the list of services that are now prohibited from being rendered to the Russian government or to entities registered in Russia, and now includes IT consulting, legal advice, architectural, and engineering services.
These are crucial because, given how heavily Russia depends on importing these services, they may reduce its industrial capability.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
