EU bans crypto services for Russians in new sanctions over Ukraine escalation

The Council of the European Union has announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. 

The measure will apply regardless of the value of these assets, according to the eighth package of sanctions imposed by Brussels.

This spring, when the EU approved its fifth round of such measures, the Council prohibited only the provision of “high-value” crypto-asset services to Russians and organizations registered in their country. The ban applied to digital funds exceeding €10,000 (close to $11,000 at the time).

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