In a statement released on Oct. 6, the European Union introduced another set of sanctions against Russia due to the prolonged and recently escalated conflict in Ukraine.
The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU. This statement includes the prohibition of, “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”
New sanctions were installed as a response to Russia’s annexation of Ukrainian territory as the result of what the EU calls a “sham” referendum, along with troop mobilization and threats of nuclear escalation.
The previous sanctions capped crypto payments from Russian to EU wallets at 10,000 euros (approximately $9,900).
However, this new total ban on cross-border crypto payments between the regions aligns with the EU’s desire to “further deprive the Kremlin’s military and industrial complex of key components and technologies.”
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