The European Union is preparing to finalize the 20th round of sanctions against Russia, and this time, in addition to targeting the banking system, the scope has been expanded to include the cryptocurrency sector. EU officials believe that previous sanctions still had loopholes that allowed Russia to bypass certain restrictions through digital assets, so they plan to “completely block” all crypto transaction channels related to Russia.
EU Draft Sanctions Plan: Full Ban on Cryptocurrency Transactions with Russia
According to the Financial Times, the EU is finalizing its 20th sanctions package against Russia, which includes a “ban on all cryptocurrency transactions with Russia,” aiming to thoroughly block Russia’s ability to circumvent sanctions via cryptocurrencies.
Unlike previous measures that targeted only “new companies spun off from sanctioned platforms” or specific Russian-related entities, this time the EU’s approach is more comprehensive, attempting to shut down entire crypto service channels connected to Russia in one go.
An internal document from the European Commission states that merely listing individual crypto service providers on sanctions lists may not be sufficient, as related entities could establish new companies to evade restrictions. Therefore, broader blocking measures are necessary.
February 24: Expected Approval of Sanctions and Expansion of Banking Sanctions
Ursula von der Leyen, President of the European Commission, stated last week that the 20th sanctions package is expected to be officially approved on February 24. In addition to the cryptocurrency sector, more regional banks in Russia will also be sanctioned.
According to Reuters, the EU also plans to include some foreign banks in the sanctions list, such as Kyrgyzstan’s Keremet Bank and Central Asia Capital Bank (OJSC Capital Bank of Central Asia), as well as certain banks from Laos and Tajikistan. If approved, these banks will be prohibited from conducting transactions with EU individuals and companies.
The European Commission explicitly stated that to ensure the sanctions are effective, the EU will prohibit dealings with “cryptocurrency service providers established in Russia” and also ban the use of any platforms capable of transferring or exchanging digital assets.
Russia Moves to Legislate Digital Assets Amid EU Restrictions
Meanwhile, as the EU expands its sanctions, Russia continues to push forward with legislation related to digital assets. The Russian parliament approved relevant bills on Tuesday, officially establishing procedures for freezing and confiscating digital currencies, providing a legal basis for the government to handle crypto assets domestically. How Russia will respond to EU restrictions remains to be seen.
This article, “EU Plans to Fully Block Russian Crypto Transactions, Banks Involved Also Listed,” first appeared on Chain News ABMedia.
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