Thursday, July 3, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Why The EU Will Sanction Russian Crypto Transactions

by Reynaldo Marquez
October 6, 2022
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


The European Union has extended its sanctions against Russia and has added more restrictions to crypto wallets and related services. Per a press release, the European Commission implemented an eight package on the Russian Federation due to its conflict with Ukraine.

The sanctions are aimed at negatively impacting key areas of the Russian infrastructure and preventing them from continuing with their invasion of Ukraine. The Commission claims the conflict has escalated into an “illegal war against Ukraine”.

In addition to its military infrastructure and its capacity to mobilize troops into Ukraine, the Commission has targeted Russia’s capacity to generate revenues. The EU will impose a ban of over 7 billion euros and export restrictions to attack the country’s financial capabilities and technological capabilities.

The new sanctions will deprive the Russian Federation of “complex key” technological components and European economy services. Including forbidding European nationals to take positions in certain Russian companies, and supplying the country with specific goods and equipment. The Commission stated:

The geopolitical, economic, and financial implications of Russia’s continued aggression are clear, as the war has disrupted global commodities markets, especially for agrifood products and energy.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Europe Takes Blow At Russia Via Crypto Sanctions

The new sanctions have been implemented following the annexation of Ukraine’s territory to the Russian Federation. The Vladimir Putin-led nation conducted referenda allowing people to vote for the integration of Luhansk, Kherson, Zaporizhzhia, and Donetsk into Russian territory.

The Commission classified this action as an “Illegal annexation” calling the voting process a “sham”. In that sense, the new sanctions will attempt to Russian capacity to circumvent financial pressure.

The European Commission announced the prohibition of crypto assets, member nations must “ban” all crypto wallets, users, and custody services from this country. The old sanctions allowed people in European countries to transact with crypto wallets in Russia holding amounts of up to 10,000 euros.

The new penalties have been designed to widen the scope of the services and individuals that will be unable to interact with European entities. In addition to crypto and digital assets, the Commission has prevented IT consultancy, legal advisors, and others from providing support to the Federation.

On the new crypto and technological restriction, the Commission said:

These are significant as they will potentially weaken Russia’s industrial capacity because it is highly dependent on importing these services.

However, many are left wondering how the Commission or European entities will be able to enforce these restrictions. Unlike an IT or importing service, transactions on the blockchain might not be associated with an individual.

At most, crypto exchanges and other related companies will be able to lock out and prevent Russian users from onboarding their platforms. The average person will still be able to send and receive digital assets from Russian individuals or from people in the conflict zone.

As Bitcoinist has reported, crypto and digital asset donations have been critical in the Ukraine-Russia conflict. People from all over the world have sent funds to support the Ukrainians, allowing the country to purchase critical equipment.

In addition, people in the affected areas, some of which might consider part of Russia, used crypto to continue with their everyday lives. Thus, the new EU sanctions might pose an issue for the little guy, not the major players in the Putin government still with access to several tools to bypass sanctions.



Source link

Tags: CryptoRussianSanctionTransactions
Previous Post

How Asset-Based Long-Term Care Helps Protect Dependents

Next Post

yes bank ceo: Yes Bank gets RBI nod for appointment of Prashant Kumar as MD and CEO

Related Posts

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

by Scott Matherson
July 2, 2025
0

Cause to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by trade consultants and meticulously reviewed...

Congress Urged to Investigate Fed Chair Over .5B Scandal

Congress Urged to Investigate Fed Chair Over $2.5B Scandal

by Kevin Helms
July 2, 2025
0

Fed Chair Jerome Powell is on the heart of a spiraling scandal as Congress faces mounting stress to launch a...

Big Beautiful Bill, T Debt Ceiling To Benefit BTC price?

Big Beautiful Bill, $5T Debt Ceiling To Benefit BTC price?

by Cointelegraph By Marcel Pechman
July 2, 2025
0

Key takeaways:Historic information fail to indicate a constant hyperlink between Bitcoin value features and US debt ceiling will increase.Bitcoin’s resilience...

XRP, SOL And Cardano ETFs Are ‘Up Next’: Expert–But When?

XRP, SOL And Cardano ETFs Are ‘Up Next’: Expert–But When?

by Jake Simmons
July 2, 2025
0

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure The US Securities and Alternate Fee...

Coinbase acquires web3 startup Liquifi after .9B Deribit deal

Coinbase acquires web3 startup Liquifi after $2.9B Deribit deal

by Vivian Nguyen
July 2, 2025
0

Key Takeaways Coinbase acquired Liquifi to strengthen token administration and streamline token launches for blockchain builders. Liquifi's integration will supply...

Bitcoin Could Hit 0K By Year-End: Standard Chartered

Bitcoin Could Hit $200K By Year-End: Standard Chartered

by Steven Walgenbach
July 2, 2025
0

Be part of Our Telegram channel to remain updated on breaking information protection Normal Chartered predicts that crypto market chief...

Next Post
yes bank ceo: Yes Bank gets RBI nod for appointment of Prashant Kumar as MD and CEO

yes bank ceo: Yes Bank gets RBI nod for appointment of Prashant Kumar as MD and CEO

Twitter rolls out edit button to paid subscribers in US: What we know

Twitter rolls out edit button to paid subscribers in US: What we know

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Russiagate was a ploy to ‘screw Trump’ – CIA boss — RT World News

Russiagate was a ploy to ‘screw Trump’ – CIA boss — RT World News

July 3, 2025
Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

July 2, 2025
Carrera Smart Glasses drop to a new record-low price

Carrera Smart Glasses drop to a new record-low price

July 3, 2025
Congress Urged to Investigate Fed Chair Over .5B Scandal

Congress Urged to Investigate Fed Chair Over $2.5B Scandal

July 2, 2025
Tragedy in Oman: School bus crash kills driver and three students, leaves twelve injured | World News

Tragedy in Oman: School bus crash kills driver and three students, leaves twelve injured | World News

July 2, 2025
House Republicans Stuck Ahead Of Big Tax Bill Vote

House Republicans Stuck Ahead Of Big Tax Bill Vote

July 3, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Russiagate was a ploy to ‘screw Trump’ – CIA boss — RT World News

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In