EU Bans Providing High-Value Crypto Services to Russia

The move follows warnings that crypto is being used to circumvent sanctions imposed in response to the invasion of Ukraine.

AccessTimeIconApr 8, 2022 at 9:36 a.m. UTC
Updated Apr 8, 2022 at 2:14 p.m. UTC

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

European Union member states agreed Friday to ban the provision of high-value crypto-asset services to Russia as part of a fifth package of sanctions imposed in response to the Ukraine war.

The measure will "contribute to closing potential loopholes" in existing restrictions, the European Commission said, and were announced alongside bans on four Russian banks, coal imports and offering advice on wealth-concealing trusts to oligarchs.

According to a statement made by the Council of the EU, which represents national governments within the bloc, the measures extend a prohibition on deposits to crypto wallets.

European Central Bank President Christine Lagarde recently warned crypto was being used to evade sanctions, despite little evidence.

In an FAQ posted April 4, the commission said crypto was already included in existing asset freezes, and on March 9 extended the definition of "transferable securities" to include virtual assets.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC