EU Bans Crypto Services for Russia

As part of the new sanctions package, the European Union has imposed a broad ban on crypto services for Russia.

As part of the new sanctions package, the European Union has imposed a broad ban on crypto services for Russia.

Existing crypto-asset sanctions expanded

In the latest EU sanctions package, a ban has been imposed on all crypto services for Russia. This is laid out in a European Commission press release from October 6. It states that the "existing sanctions on crypto assets will be tightened." Going forward, "all crypto-like wallets, accounts, or custodial services, regardless of amount" are prohibited for Russian citizens and institutions. In April, the EU broadened existing sanctions against Russia, for example with limits on the trading of crypto on centralized exchanges for Russian clients with more than €10,000 in assets. With the new measures, the Commission "punishes Russia's ongoing escalation and illegal war against Ukraine."

Russia expands crypto services

Beyond crypto services, other services for Russian citizens and the government are also illegal, including IT or legal advisory. Meanwhile, Russia continues to expand crypto adoption at home. Recently, the Ministry of Finance and the Central Bank reached an agreement on cross-border crypto payments.