Nine months into the conflict between Ukraine and Russia, sanctions against the latter have continued to grow at an aggressive pace. This time around, legislators for the European Union announced that they are introducing a complete ban on all cross-border crypto payments between Russia and its citizens.
To elaborate, a prohibition of all “crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” has now been initiated by the EU in response to Russia’s continued annexation of Ukrainian land, repeated mobilization of troops within the country and threats of nuclear escalation.
It is worth noting that previous sanctions had limited cryptocurrency payments between Russian to EU wallets to 10,000 euros ($9,700). The new ban seeks to deprive the Kremlin’s military power while curtailing critical components of its industrial complex.
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