EU tightens the grip of its economic sanctions against Russia to include all crypto wallets

The European Union is tightening its economic sanctions against Russia to include all cryptocurrency wallets and more. This comes as Russia’s invasion of Ukraine enters its seventh month.

In addition to severe sanctions against Russia over its aggressive actions in Ukraine, the EU has introduced more bans, including but not limited to cryptocurrency services.

The European Commission said in a press release on October 6,

“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 (previously up to €10,000 was allowed).”

For instance, the EU banned the provision of high-value crypto services in Russia in early April as part of its fifth sanction in an attempt to “close potential loopholes” and make it difficult for wealthy Russians to “store their wealth in the EU.”

In addition to banning crypto services, the new measures include, “EU import bans worth €7 billion to curb Russia’s revenues and export restrictions, which will further deprive the Kremlin’s military and industrial complex of key components and technologies and Russia’s economy of European services and expertise.”