In its 12th package of sanctions against Russia, the EU is doubling down on cryptocurrency limitations for Russians.
According to a question and answer session on December 18, the European Commission imposed a new ban on Russian citizens and residents, preventing them from owning or controlling crypto service providers in response to Russia’s military offensive against Ukraine, the announcement says.
“EU sanctions meet the key objective of the EU, which is to continue working for a just and lasting peace, not another frozen conflict.”
The European Commission
This regulatory measure aims to tighten restrictions on the provision of wallet, account or custody services for crypto assets to individuals in Russia. The comprehensive package also includes measures to curb circumvention, explicitly prohibiting Russian citizens and residents from holding positions on the governing bodies of entities that offer such services.
In October 2022, the bloc introduced another geographical restriction on Russia. In what was seen as the eighth package of sanctions, the EU banned Russian citizens from operating crypto wallets within the European Union. For context, the above regulations stipulate a €10,000 limit on crypto transactions for Russian citizens.
The EU has strengthened an unprecedented set of sanctions against Russia in early 2022 in response to Russia’s “war of aggression against Ukraine,” the bloc says on its official website.
According to the statement, the sanctions include specific restrictive measures (as well as individual sanctions), economic sanctions and visa measures. The goal of the economic sanctions is said to be to impose “serious consequences” on Russia for its actions and to “effectively thwart Russia’s ability to continue its aggression.” The bloc has also adopted sanctions against Belarus and Iran.
