EU targets crypto wallet in Russia’s latest round of sanctions
The European Union on Friday targeted crypto wallets, banks, currencies and trusts in its fifth package of sanctions on Russia to plug potential loopholes that could allow Russians to transfer money abroad.
Following Russia’s invasion of Ukraine on February 24, EU-based crypto exchanges were already required to implement sanctions that bar transactions from targeted individuals, but there were concerns that the loophole remained.
The European Union said on Friday that it is banning deposits in crypto-wallets.
“This will contribute to addressing potential loopholes,” the EU’s executive European Commission said in a statement.
Crypto wallets allow individuals to hold passwords that give them secure access to cryptocurrencies, and allow to send, receive and spend cryptocurrencies such as bitcoin.
The European Union said it was also banning the sale of shares such as banknotes and transferable securities in any official currency of EU member states to Russia and Belarus.
It also ratified a complete transaction ban on four Russian banks, including VTB, which represent a 23% market share in the Russian banking sector.
The Block said banks have already been cut off from international bank messaging system SWIFT and will now be subject to asset freezes to be cut completely from EU markets.
There is also a ban on advising trusts for wealthy Russians, to make it more difficult for them to store their money in the EU.