Russia's Access to Crypto Services in EU Will Be Restricted

New sanctions discussed by EU member states in the midst of the current escalation of the war in Ukraine will limit Russian access to European crypto services. The tightening comes after the EU banned only "high-value" crypto-asset services from Russian individuals and corporations earlier this year.

The European Union is considering additional sanctions against Russia in response to its decision to declare partial mobilization as part of its increasing military operation in Ukraine.

First and foremost, the package will affect commerce, with European Commission President Ursula von der Leyen announcing plans to put a fresh restriction on Russian imports as well as the sale of technologies that may be used by the Russian military. A price ceiling for Russian oil is also planned.

According to reports, the proposed measures would also aim to further restrict Russians' ability to transfer funds using digital assets such as cryptocurrency. The reports reveal that  Brussels intends to prohibit European firms from offering crypto wallet, account, or custody services to Russian citizens and corporations.

Cryptocurrencies were targeted in the fifth set of penalties authorized by the EU Council this spring, with the goal of closing current loopholes in the crypto field. The European Union has previously barred the supply of "high-value" crypto-asset services to Russian businesses and residents. The restrictions applied to digital funds worth more than €10,000 (currently $9,803).

Since Moscow launched a full-scale military invasion of neighboring Ukraine, which has been recognized as a candidate for EU membership. Each requires the unanimous consent of all member nations in order to be enforced.

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