Report finds latest EU sanctions will restrict Russian access to crypto services in Europe

The reports of the toughening came after the EU earlier this year banned Russian residents and businesses from accessing crypto services from “high value“.

The EU is expected to target crypto-currency services for Russians as part of a new round of sanctions against Ukraine.

The European Union is set to impose new sanctions on Russia over its decision to announce a partial mobilization as part of its escalating military intervention in Ukraine and its desire to annex occupied Ukrainian territories through what are considered sham referendums.

The package will hit trade first, with European Commission President Ursula von der Leyen announcing her intention to impose a new ban on Russian imports as well as the export of technology that could be used by the Russian military. A cap on the price of Russian oil is also planned.

The new measures are also reportedly aimed at further restricting the ability of Russians to transfer wealth using digital assets like cryptocurrencies, according to Bloomberg, which cites a knowledgeable source. Brussels wants to prevent European companies from providing crypto-currency wallet, account or custody services to Russian citizens and entities, the report reveals.

Jewelry and gems are also on the list, the person added, asking not to be identified because the proposal is still confidential. The proposal also suggests cracking down on people who try to circumvent sanctions, aims to ban EU nationals from roles in Russian state-owned enterprises and punish people and entities involved in staging recent referendums in Ukraine.

Crypto-currencies were targeted in the sanctions introduced this spring, the fifth such set of measures approved by the EU Council, designed to reduce existing loopholes in the crypto space. At the time, the European Union banned the provision of crypto asset services.”of high value“to Russian entities and residents. The restrictions applied to digital funds exceeding €10,000.

Since Moscow launched a full-scale military invasion of neighboring Ukraine, which has been granted EU candidate status, in late February, the 27-member bloc has adopted multiple packages of sanctions against the Russian Federation. For each of them to be implemented, the unanimous approval of all member states is required.