EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions

The European Union has confirmed a sweeping ban on providing crypto services to Russians as it tightens sanctions in the wake of what it calls “sham” secession votes in four Ukrainian regions, which was first reported by CoinDesk last week.

The bloc introduced an eighth set of economic and political measures against Russia after the February invasion, tightening a previous rule which limited crypto payments to European wallets to 10,000 euros ($9,900).

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” the European Commission said in a statement on Thursday, after proposals it made last week were signed off by EU governments.

The measures, which notably seek to cap the price of oil that Russia can sell, follow the country's attempt to annex the regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia.

Previous crypto sanctions have taken effect on publication in the EU’s Official Journal, and applied to Russian citizens, residents and entities, unless they live in the bloc.

Read more: EU Set to Ban Russian Crypto Payments After ‘Sham’ Referenda