EU Issues Bitcoin, Crypto Ban In Russia – Crypto
The European Union (EU) has doubled down on previous sanctions against Russia that limited bitcoin and cryptocurrency transactions, banning all transactions entirely, the European Commission said in a statement.
“The Commission welcomes the Council’s adoption of the eighth tough package of sanctions against Russia for its aggression against Ukraine,” it said.
All bitcoin and cryptocurrency wallets, accounts and escrow services are banned in Russia. Previously, transactions were limited to €10,000 ($9,900).
The ban follows recent news from Russia, where the Ministry of Finance announced the country’s intention to allow any industry to accept bitcoin and cryptocurrency in international trade. Last month, Russian Deputy Finance Minister Alexei Moiseev stated that “there is no way without cross-border settlements related to cryptocurrencies.”
Russia’s demand to trade bitcoin and cryptocurrency stems from an ongoing dialogue between Russia’s central bank and finance ministry as the two regulators determine how best to introduce this capability into the economy.
However, while the two regulators dispute how to carry out the task, the EU has banned cryptocurrency transactions and services with its latest ban.
In addition to cryptocurrency, the new sanctions also include restrictions on individuals and organizations living in Donetsk, Luhansk, Kherson and Zaporizhzhia regions. All of the sanctioned individuals are believed to have participated in “Russian occupation, illegal annexation and sham ‘referendums'” in the previously mentioned territories.
In addition, export sanctions targeting Russia’s military, industrial and technological access and defense sector were introduced. The EU also introduced an import restriction of 7 billion euros and an oil price ceiling.