EU Reveals Details of Russian Sanctions Package in New Q&A, Includes Updated Crypto Provisions
The European Union (EU) revealed details on their latest package of sanctions against Russia, which includes provisions on crypto, in a newly released Q&A this week.
Enacting bans and closing loopholes
According to the Q&A posted on the website of the European Commission, the updated sanctions seek “to impose additional import and export bans on Russia, combat sanctions circumvention and close loopholes.”
In particular, the updated sanctions package seeks “to limit circumvention of the prohibition on the provision of crypto-asset wallet, account or custody services to Russian persons and residents by including a ban on Russian nationals or natural persons residing in Russia from owning or controlling, or holding any posts on the governing bodies of, the legal persons, entities or bodies providing such services.”
In addition to the stringent crypto provisions, the latest sanctions package includes stricter asset freeze regulations, tightened energy measures, and stronger anti-circumvention measures.
Moreover, the sanctions call for additional asset freezes belonging to 140 key actors and entities who have shown support for Russia’s war of aggression against Ukraine, including military defense companies and personnel, those responsible for the Russian “re-education” of Ukrainian children, and orchestrators of recent fraudulent elections held in occupied Ukrainian territory.
Crypto at the front of Russian war-efforts
The latest sanction package against Russia is the 12th launched by the European Union since February 2022 following Vladimir Putin’s initial invasion of Ukraine.
Originally, in the spring of 2022, Russian payments to European crypto wallets were capped at 10,000 euros.
However, by the fall of 2022, the EU tightened its
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