EU strengthens sanctions on Russia in a wave of measures

• 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.

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“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.

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