According to a new report, the European Union is tightening restrictions on crypto investments by Russians within the bloc in response to “sham” independence votes in occupied Ukraine regions.
The previous cap on crypto holdings of 10,000 euros will be scrapped, according to a source briefed on the sanctions package, effectively prohibiting Russians from holding any assets in EU crypto wallets.
A European Union announcement restricting Russian payments to European crypto wallets to 10,000 euros aims to prevent the use of digital assets to circumvent large bank transfer restrictions. As a result of the new measures, that figure could now be reduced to zero.
“As a result of the sham referendums held in Donetsk, Luhansk, Kherson, and Zaporizhzhia over the past five days, European Commission president Ursula von der Leyen told reporters today, “Russia’s occupation of territory is an illegal attempt to redraw international borders by force.”
According to Von der Leyen, this will result in a loss of seven billion euros for Russia, due to price caps on Russian oil, bans on the exportation of aviation items and electronic components, and restrictions on importing Russian goods.