The European Union has placed a blanket ban on all crypto services to Russian entities as part of its eighth round of sanctions against the country.
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” read the European Commission’s press release on Thursday.
The original limit, established in April, allowed such services to continue servicing Russian wallets holding 10,000 or less.
The increased measures are intended as punishment for “Russia’s continued escalation and illegal war against Ukraine,” including its mobilization of additional troops and open issuance of nuclear threats.
The package will also widen the number of services that can no longer be provided to Russians or the Russian government, including IT consultancy, legal advisory, architecture, and engineering services. The commission said Russia is “highly dependent on importing these services.”
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