Similarly, the EU limits fiat deposits by Russian individuals and organizations but the threshold is much higher, at €100,000. In particular, it is appropriate to extend the prohibition on deposits to crypto wallets. In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures. It applies to crypto wallet, account, or custody services for Russian citizens, other residents, and legal entities established in the country, if the total value of the digital funds exceeds €10,000 (close to $11,000). The new Council regulation, published in the Official Journal of the European Union, bans the provision of “high-value” crypto-asset services to the Russian Federation. They have been tailored to “further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.” On Friday, the European Commission, the executive body in Brussels, welcomed the fifth round of restrictions agreed upon by the Council of the EU. EU Limits Russian Crypto Wallet Deposits to €10,000Įxpanding its sanctions in response to the Russian military assault on Ukraine, the European Union has again targeted cryptocurrencies. The new sanctions prohibit the provision of “high-value” crypto-asset services to Russian entities and residents. European institutions are closing crypto loopholes for Russia with the latest package of penalties imposed by the EU over Moscow’s aggression against Ukraine.
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