Crypto

EU Crackdown: European Union Bans Russian Crypto Payments

EU repression: The Russian-European battle is still hot. The European Union’s recent announcement to ban Russian crypto payments has added fuel to the fire.

The European Union has confirmed its decision to ban cryptocurrency services from Russia. This is part of a plan to crack down and impose economic restrictions on Russia. This is in response to what the EU called a fraudulent referendum in Ukraine.

EU crackdown over questionable referendum

The referendum in Ukraine asked the citizens of the eastern Ukrainian region of Donetsk if they wanted to become independent from Ukraine itself. Just three hours after the polls closed, the results were announced, casting doubt on the authenticity of the process. The results have not been independently verified by any other entity. The consensus was that the referendum was a “mess”.

The European Union’s ban on cryptocurrency services to Russia is part of the economy and political sanctions measures. Initially, the ban limited Russian payments to a value of 10,000 ($9,700). Now, the ban extends to all crypto payments.

This comes after reports that there has been an increase in the number of Russian companies using crypto to circumvent existing sanctions.

The worsening of the restriction

A declaration by the European Union said: “Existing bans on crypto-assets have been strengthened by prohibiting all crypto-asset wallets, accounts or custodial services, regardless of wallet size (previously up to 10 000 € were authorized).

“The package expands the scope of services that can no longer be provided to the Russian government or legal persons established in Russia: these now include IT consultancy, legal consultancy, architecture and engineering services. These are important as they will potentially weaken Russia’s industrial capacity as it relies heavily on the import of these services.

EU says sanctions on Russia are working. “They harm Russia’s ability to manufacture new weapons and repair existing ones, and impede its transport of equipment.”

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