EU Bans Crypto Services to Russia

EU decided the ban of crypto services towards Russia and Russian companies that want to use cryptocurrencies to evade the sanctions since the Ukraine invasion.

In practical level, this means that European companies that offer crypto services (like wallets, etc) cannot accept deposits from Russian companies.

The reasoning behind this move is to fit the holes that were created from the previous sanctions’ packages. Indeed, there is little evidence regarding the use of cryptos to evade the sanctions from Russian companies.

It is worth noting that there were several “freezes” in crypto assets from European providers while the same result was with virtual assets.

We will wait for the next moves from the front…