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EU Bans High-Value Crypto Services to Russia

The EU is trying to close loopholes such as crypto which allow Russia to circumvent the sanctions imposed by the West.

The European Union has banned the provision of high-value crypto-asset services to Russia in its latest round of sanctions.

In a press release, the EU stated that targeting crypto assets aims to close any loopholes as Russia could resort to crypto to circumvent the sanctions imposed by the West.

“A prohibition on providing high-value crypto-asset services to Russia. This will contribute to closing potential loopholes. A prohibition on providing advice on trusts to wealthy Russians, making it more difficult for them to store their wealth in the EU,” the statement read.

The Council of the EU, which represents national governments within the bloc, noted that the sanctions extended to prohibiting deposits to crypto wallets.

According to the Council, additional sanctions were adopted after Russia’s atrocities in Bucha. 

It also said that it was extending the prohibition to deposits to crypto-wallets.

Crypto wallets allow individuals to keep the password that gives them access to cryptocurrencies and allow them to send, receive and spend cryptocurrencies like bitcoin.

Russia has already been suspended from SWIFT. Now the West is trying to close the option of transferring money through crypto assets. Russia may have to use Decentralized Finance (DeFi) services to make use of the pseudonymity provided by the system.

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