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October 7, 2022

EU imposes ban on all Russian crypto-asset wallets

The European Union (EU) has imposed a complete ban on cross-border payments from Russian crypto accounts, in the wake of Russia’s invasion of Ukraine.

This ban is part of the eighth package of sanctions against Russia for its military incursion against Ukraine.

Existing restrictions on crypto assets have been made more stringent by imposing a ban on all crypto-asset wallets and accounts, as well as custody services, regardless of the wallet’s amount.

The current clampdown toughens previous sanctions, which exempted payments worth up to €10,000.

These restrictive measures comes in response to Russia’s recent annexation of Donetsk, Luhansk, Zaporizhzhia, and Kherson.

Recently, the Bank of Russia and the country’s Ministry of Finance had sanctioned crypto use for cross-border settlements.

The latest package of sanctions restricts the provision of services to the government of Russia or legal persons established in Russia.

These cover IT consultancy, legal advisory, architecture, and engineering.

The restrictive measures will be mainly applied to key decision-makers, oligarchs, senior military officials, and propagandists who undermine the territorial integrity of Ukraine.

The EU said it “stands united in its solidarity with Ukraine, and will continue to support Ukraine and its people together with its international partners, including through additional political, financial, and humanitarian support.”

Russia has been hit with several sanctions after the Ukraine offensive.

Last month, it was reported that Turkey’s state-backed banks are looking to abandon Russian payment system, Mir, amid increasing US pressure.

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