Russians’ EU Crypto Investments Capped at 10K Euros

Measures set out by the EU aim to stop oligarchs circumventing financial sanctions on conventional bank accounts.

AccessTimeIconApr 8, 2022 at 7:09 p.m. UTC
Updated May 11, 2023 at 4:28 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Russian payments to EU crypto wallets will be capped at €10,000 ($10,900) under sanctions measures published in the European Union's official journal Friday.

The limit is intended to stop wealthy Russians from circumventing a cap on investing in the EU introduced in the wake of the Ukraine invasion.

The measure was set out in broad terms by the European Commission earlier Friday, and the full details of the legislation have now been disclosed. The law prohibits providing high-value crypto wallet, account or custody services above the limit to Russian people or entities, with an exemption for those who are EU nationals or residents.

Sanctions measures introduced Feb. 25, the day after the invasion, forbid Russians transferring more than €100,000 to EU bank accounts. Officials chose a lower limit for crypto transactions.

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 included in existing asset freezes, and on March 9 the bloc 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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jack Schickler

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


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.