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The European Union (EU) is coming hard at Russian crypto traders imposing further restrictions, in response to the Russian invasion of Ukraine.
A latest update of the Official Journal of the EU, announces that EU sanctions placed on Russia have been expanded, including limits on deposits to cryptocurrency wallets. It reads:
“In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures.
In particular, it is appropriate to extend the prohibition on deposits to crypto wallets, as well as to extend the prohibitions on the export of euro-denominated banknotes and on the sale of euro-denominated transferable securities to all official currencies of the Member States.”
Business will be prohibited from providing any Russian-established entities or persons with crypto wallet services if the wallet exceeds €10,000 in holdings as the revised article 5b now reads:
“It shall be prohibited to provide crypto-asset wallet, account or custody services to Russian nationals or natural persons residing in Russia, or legal persons, entities or bodies established in Russia, if the total value of crypto-assets of the natural or legal person, entity or body per wallet, account or custody provider exceeds EUR 10 000.”