New Crypto Sanctions Announced By EU Against Russia

The European Union (EU) has introduced its 12th set of sanctions against Russia, concentrating on crypto assets to curtail financial capabilities for the Russians while advocating for peace in Ukraine. This latest package of measures encompasses a broad prohibition on Russian involvement in crypto services, encompassing ownership, control, or participation in the governing bodies of crypto service providers.

Curbing Russia

The sanctions also reportedly include measures to cease the provision of wallets, accounts, or custody services related to crypto by Russians. The EU is implementing these actions to restrict the financial capabilities of Russians while also simultaneously addressing vulnerabilities in digital financial transactions.

Since early 2022, the European Union has been escalating its sanctions against Russia, encompassing various economic and individual measures, with the primary objective of pressuring Russia to cease its military actions in Ukraine.

These sanctions are allegedly designed to promote peace in the region and involve substantial measures such as limiting Russian access to crypto services within the EU. Similar measures have been enacted against Belarus and Iran. The global crypto-asset sector is affected by these sanctions, as the EU focuses on a critical area of finance.

More than meets the eye

Despite its critics, the EU remains adamant in maintaining a steadfast position, utilizing economic sanctions for geopolitical influence, indicating a shift in global power dynamics. This particular development represents a significant initiative by the EU to curtail Russia, particularly in the crypto-assets sector, with the aim of contributing to the resolution of the conflict in Ukraine.

Still, some believe that, like most traditional institutions, the EU may be overreaching its influence in order to try and manipulate the global geopolitical situation. After all, a large portion of the Russian population never wanted a war with Ukraine in the first place, and many believe that punishing all Russian citizens for the actions of the government is a tad too far.