EU plans to strengthen cryptocurrency controls and restrictions on Russia

The next package of Western sanctions may include a clause banning the transfer of dollar bills to Russia. This proposal was made by several EU member states and is currently being discussed, Bloomberg reported.

It is reported that the proposal to ban the transfer of cash dollars to Russia was initiated by Poland, Ireland and the Baltic countries. They also propose to tighten control over operations related to cryptocurrency transactions and limit cooperation with Russia in the field of nuclear energy. Other sanctions are also proposed.

Meanwhile, the dollar fell below 57 rubles during currency trading on the Moscow Stock Exchange on Friday, September 23, 2022, for the first time since July 22 this year, and the euro fell significantly to 55 rubles.

As a reminder, the Russian government plans to actively use cryptocurrencies to avoid sanctions — Russian Prime Minister Mikhail Mishustin has instructed the Ministry of Finance, the Central Bank, the FSB and a number of other agencies of the occupying country to agree on draft laws to regulate the issue and circulation of digital currency, as well as their use in international payments by December 19. The government also ordered the Ministry of Finance to develop ideas for the use of digital assets, including decentralized technologies.