EU bans Russian crypto payments in response to latest aggression

The European Union has suspended all crypto payments from Russian citizens and prohibited EU crypto wallets to offer services to Russian citizens.

The European Union (EU) has responded to a series of “sham” referenda in the occupied parts of Ukraine in which Russian-held territories allegedly voted with overwhelming support to join the Russian Federation.

As a result, the EU is targeting cryptocurrencies as a part of eight packages of sanctions against Russia.

Moving forward, Russian cryptocurrency owners won’t be able to hold any digital assets in EU crypto wallets.

This follows up on a previous measure in April, and before MiCA, when the EU agreed that Russian citizens will be allowed to hold up to EUR10,000 in digital wallets, anticipating that refugees from the country may need these funds to escape.

The latest developments, have made the block more determined to respond.

The sham referenda organized in the territories that Russia occupied are an illegal attempt to grab land and to change international borders by force”, European Commission President Ursula von der Leyen said on Wednesday.

Von der Leyen added that Russian oil will remain capped and that the aviation industry will not be supplied.

The same will apply to electronic components. Member states will also be prohibited from importing Russian goods.

The package is still being worked on, but the EU could possibly strengthen the language, given the developments of the past few days.

The Nord Stream 1 & 2 pipelines were damaged in what appeared to be an act of sabotage, with gas leaking into the Baltic Sea.

This, the EU has said, will not go unreciprocated. In the meantime, you can put the political turmoil aside and focus on enjoying cryptocurrencies as they are.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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