EU Strengthens Crypto Sanctions Against Russia in New Wave Of Measures

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Key Takeaways:

  • A new set of sanctions against Russia because of its conflict with Ukraine have received the final approval of the European Union.
  • The ninth set of EU sanctions aims to deny Moscow billions of euros in sales proceeds from goods that, according to the EU, are a substantial source of income for Russia.

The Council’s approval of the eighth set of severe sanctions on Russia for its conduct against Ukraine is welcomed by the Commission.

This package, which has been carefully planned with our international allies, is in response to Russia’s ongoing escalation and illegal war against Ukraine, including its illegal annexation of Ukrainian territory based on phony “referenda,” mobilization of more troops, and threats to use nuclear weapons openly.

The EU has included further prohibitions, including (but not limited to) cryptocurrency services, in the eighth package of severe penalties on Russia over its aggressive activities in Ukraine, the European Commission said in a news release on October 6.

The initial cap, set in April, permitted these businesses to keep servicing Russian wallets containing no more than €10,000.

This package includes new export restrictions that will further deny the military and industrial complex of the Kremlin essential parts and technologies, as well as new import bans from the EU worth €7 billion to reduce Russia’s earnings.

In an effort to “narrow potential loopholes” and make it difficult for wealthy Russians to “keep their wealth in the EU,” the EU outlawed the offering of high-value crypto services in Russia from the beginning of April.

Sanctions have been imposed on more people and organizations. This is directed at individuals responsible for Russia’s occupation, illegitimate annexation, and fraudulent “referenda” in the Donetsk, Luhansk, Kherson, and Zaporizhzhia oblasts.

Along with expanding the range of services that can no longer be offered to Russians or the Russian government, the package also expands the list of services that include IT consulting, legal advice, architectural, and engineering services. Russia is “extremely dependent” on obtaining these services, according to the committee.

The latest sanctions package also adds the individuals in charge of the recent staging of referendums in four regions of Ukraine, the mobilization of over 300,000 Russians, and Moscow’s declaration of their “annexation,” which was widely denounced last week.

Since the start of Russia’s conflict with Ukraine in February, EU sanctions have hit a number of targets, including President Vladimir Putin and Foreign Minister Sergey Lavrov. They also forbade the import and export of luxury and high-tech goods from Russia as well as the inclusion of Russian and Belarusian banks in the SWIFT global payment network.

Putin’s remarks that he would protect Russian territory “with any measures at our disposal” were cited by the EU as the reason it decided to impose sanctions due to Russia’s repeated threats to use WMD.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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