EU Targets Russian Crypto Platforms in New Sanctions Package
The European Union approves its 21st sanctions package against Russia, expanding crypto restrictions, sanctioning banks, and freezing the oil price cap.
The European Union has approved its 21st sanctions package against Russia. The new measures are adding to the pressure on the Russian financial system and digital asset industry. They also broaden the ban on crypto exchanges associated with sanctions evasion. According to Reuters, EU member state envoys reached an agreement after several rounds of discussions.
EU Expands Crypto and Banking Restrictions
The new package includes 94 Russian financial institutions. It also extends the sanctions to the Moscow Exchange. In addition, the European Union has expanded the restrictions on other cryptocurrency platforms. The platforms enabled sanctioned entities to carry on financial operations after previous restrictions.
Related reading: Russian Parliament Approves Comprehensive Crypto Legislation | Live Bitcoin News
The package also extends the restrictions to 20 non-EU financial and crypto companies. These groups were allegedly involved in financial services linked to Russian operations. This will help the European Union limit cross-border payment avenues that might undermine current sanctions, the EU said.
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