The fifth package of sanctions banned Russians and Belarusians from holding deposits in crypto wallets of European exchanges

The European Union has adopted the fifth package of sanctions against Russia and Belarus. In addition to the clauses that impose restrictions on trade in energy resources, high-tech products, logistics operations, and the work of the largest Russian banks, the document also deals with cryptocurrency assets owned by Russians and Belarusians.

The new package introduces a ban on deposits in cryptocurrency wallets within EU jurisdiction, as well as an expanded ban on transactions with them. «This will help close potential loopholes,» said one of the European Commission’s leaders.

Russian Prime Minister Mikhail Mishustin said on Thursday that Russians own cryptocurrency assets worth more than $ 130 billion, an amount comparable to the country’s gold reserves, which as of March 2022 are estimated at about $ 140 billion.