The EU has banned crypto transactions on 14 platforms for aiding Russia
As part of its 21st sanctions package, the European Union has imposed a ban on transactions with 14 cryptocurrency platforms from third countries in order to increase pressure on Russia’s financial capabilities.
According to a senior EU official, the restrictions apply to platforms registered, in particular, in Belarus, Georgia, Panama, the United Arab Emirates, Nigeria, and the Marshall Islands. Officials in Brussels note that Russia is increasingly using cryptocurrency to conduct financial transactions in order to circumvent banking sanctions.
The EU emphasized that this is the first time it has applied such a mechanism and that in the future it may completely ban transactions with cryptocurrency operators in certain countries if they help Russia circumvent sanctions.
In addition, the sanctions will be extended to a number of cryptocurrency transaction networks, including the Russia-linked A7 network.
Russia’s State Duma passed a law in its second and third readings that legalizes the circulation of cryptocurrencies in the country. The document specifies the circumstances under which Russians will be able to use digital assets and establishes restrictions on transactions involving them.
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