New EU sanctions will ban Russians from using cryptocurrency

The European Union has approved the eighth package of sanctions against the terrorist country, which bans Russians from owning cryptocurrency wallets in EU member states. Russian citizens will also not be able to store digital assets in the EU, regardless of the amount on the cryptocurrency wallet. According to Ursula von der Leyen, Russia will lose another seven billion euros due to the sanctions.

«The Commission welcomes the Council’s adoption of the eighth package of tough sanctions against Russia for its aggression against Ukraine. This package, which has been closely coordinated with our international partners, is a response to Russia’s continued escalation and illegal war against Ukraine, including through the illegal annexation of Ukrainian territory through sham 'referendums', the mobilization of additional troops and open nuclear threats,» the official press release on the EU website reads.

As a reminder, the fifth package of sanctions against Russia included a ban on the provision of services related to digital assets to residents of the occupying country. It was about deposits exceeding € 10,000. In late September, the US House of Representatives supported the Russia Cryptocurrency Transparency Act. After its final adoption by the Senate, Russia will not be able to defend itself against sanctions by using cryptocurrencies.

Despite the introduction of the next (and hopefully not the last) package of sanctions, the terrorist country still plans to use cryptocurrencies to circumvent them. Earlier, Russian Prime Minister Mikhail Mishustin 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 issuance and circulation of digital currency, as well as their use in international settlements by December 19. The government also ordered the Ministry of Finance to develop ideas for the use of digital assets, including decentralized technologies. In 2023, the terrorist country hopes to establish a crypto scheme that will not be affected by pressure from the world’s leading diplomats.