The European Union is set to significantly tighten its financial sanctions against Russia by proposing a total ban on all crypto-asset transactions and services for Russian citizens and entities. This measure, which forms a key part of the eighth sanctions package, aims to eliminate existing loopholes that could be used to bypass traditional banking restrictions. While previous regulations capped crypto transfers from Russia to European wallets at 10,000 euros, the new proposal would represent a complete prohibition regardless of the amount. The move comes as a direct response to the recent escalation of the conflict in Ukraine, including the mobilization of reservists and the illegal annexation of territories. By cutting off access to European-based crypto service providers, the EU seeks to further isolate the Russian economy and ensure that digital assets cannot be utilized as a tool for sanctions evasion.
Source: EU Moves to Ban All Crypto Transactions with Russian Entities: Report
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