EU imposes sanctions on Russian individuals prohibiting ownership of crypto businesses
The European Union (EU) is taking a stronger stance against Russia by imposing stricter limitations on cryptocurrency for Russian individuals. In response to Russia’s military actions in Ukraine, the European Commission has announced a new ban that prohibits Russian nationals and residents from owning or controlling crypto service providers. This move aims to tighten regulations on the provision of crypto-asset wallet, account, or custody services to individuals in Russia. Additionally, Russian individuals are explicitly forbidden from holding positions on the governing bodies of entities offering such services.
This is not the first time the EU has imposed restrictions on Russia in relation to cryptocurrencies. In October 2022, the EU introduced a geographical restriction that banned Russian citizens from operating crypto wallets within the European Union. Previous regulations also set a limit of 10,000 euros for crypto transactions for Russian citizens.
The EU has been implementing unprecedented sanctions against Russia since early 2022, in response to what it calls Russia’s “war of aggression against Ukraine.” These sanctions include targeted restrictive measures, economic sanctions, and visa measures. The economic sanctions aim to impose severe consequences on Russia and effectively hinder its ability to continue its aggression. The EU has also imposed sanctions against Belarus and Iran.
In related news, Blockchain.com has announced the closure of Russian-based crypto accounts following the EU sanctions. This move aligns with the EU’s efforts to restrict Russian individuals’ access to cryptocurrency services.
The recent developments in the EU’s sanctions package against Russia have caused a surge in traffic on top cryptocurrency exchanges, as users seek alternative platforms in light of Binance’s exit from the Russian market.
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