EU targets crypto in new wave of Russia sanctions

The European Union will target crypto wallets and currencies of Russia in another round of sanctions against the country.

According to Cyber News, the sanctions will target crypto wallets and currencies to further limit the country’s resources to wage war in Ukraine.

The measures are aimed at closing loopholes that allow Russia to evade sanctions. A new ban which is part of the sanctions includes providing high-value crypto asset services to Russia.

The European Commission said, “Together with the four previous packages, these sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.”

The new package of sanctions will also include a full transaction ban and asset freeze on four Russian banks as well as a ban on providing advice on trusts to wealthy Russians and an extension to all official EU currencies the prohibitions on the export of banknotes and on the sale of transferrable securities.

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