According to a press statement dated October 6, the European Union (EU) Commission has imposed a new set of sanctions on Russia over its invasion of Ukraine.
“The existing ban on (all) crypto assets has been strengthened by banning all crypto wallets, accounts or custody services, regardless of wallet value (previously up to €10,000 allowed. was).”
The new sanctions are the eighth measure imposed by the unions to curb Russia’s economic growth and military success. According to the commission, the sanctions are “evidence of Putin’s determination to stop the war machine and respond to his recent escalation with fake ‘referendums’ and illegal annexations of Ukrainian territories.”
EU sanctions also extend to services that can no longer be provided to the Russian government or its citizens. These services include IT consulting, legal advisory, architecture, and engineering services.
The sanctions also impose €7 billion on import restrictions on Russian goods such as cars, steel and ceramics. It was also revealed that the G7 agreement on Russian oil exports will be implemented from October 6th.
Previous sanctions against the Putin-led country have proven effective, according to the commission. The sanctions undermined Russia’s ability to manufacture new weapons, repair existing ones, and impeded its transportation of goods.
Russia Adopts Crypto Alternatives
Several reports have revealed that Russian authorities are increasingly leaning toward using crypto for international payments. said I might have to.
Meanwhile, the use of cryptocurrencies remains murky in Russia. Putin signed a law on July 14th banning the use of cryptocurrencies as a means of domestic payment. Separately, the country blocked global crypto exchange OKX on October 4 without giving any reason.