EU imposes complete ban on cross-border crypto payments on Russia

The Russian-Ukrainian conflict, which began in February, seems far from over. Amid ongoing tensions between the two countries, the European Union (EU) has imposed a complete ban on all cross-border cryptocurrency transactions headed to Russia. At the behest of President Vladimir Putin, Russia has launched an all-out military offensive against Ukraine amid growing geopolitical tensions. Criticizing Russia’s violent approach to issues, several countries around the world have imposed sanctions, restricting Russia’s access to money from custodial accounts that could add fuel to the fire. .

“Current bans on crypto-assets have been tightened by banning all crypto-asset wallets, accounts or custody services, regardless of the number of wallets (previously for up to 10,000 EUR (approximately 8 lakh)),” the EU said in a statement official post.

According to EU regulators, phase 8 of sanctions against Russia intended to deprive Russia of vital components of the Russian military and industry.

The EU decision came just days after the Russian government authorized the use of virtual digital assets for cross-border payments.

Back in September, Russian Deputy Finance Minister Alexei Moiseev said that the central bank had agreed to allow Russians to send and receive cross-border payments using electronic money.

“We now have a bill in this section that has been agreed with the Central Bank on output… It generally describes how to buy cryptocurrency, what can be done with it and how may or may not deal with it in the first place. in cross-border settlements, ”Moiseev was speak at that time.

According to the Russian Ministry of Finance, the country approach for crypto will remain relaxed, as the infrastructure they plan to roll out is too stiff for crypto.

In July, Russia’s financial watchdog, Rosfinmonitoring has said that it is using the software to track cryptocurrency transactions in hopes of improving its capabilities.

Meanwhile, the country is also maintaining strict supervision over the crypto sector, ensuring that the Russian people are not exposed to financial risks.

This week, Russia Roskomnadzor The media watchdog has alleged that the website of crypto exchange OKX has spread fake financial information and put people at risk in the currency.

As a result, the OKX website was down. Founded in China in 2017, OKX is now headquartered in Seychelles.

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