The European Union (EU) has banned the provision of high-value cryptocurrency services to Russia as part of the latest sanctions in response to the invasion of Ukraine.
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The move bans deposits in cryptocurrencies, including the use of the popular cryptocurrencies Bitcoin, Ethereum, BNB, XRP, Cardano, Solana and Luna, and cryptocurrencies pose a “threat” to block efforts to sanctions. Russia follows a warning from Governor Christine Lagarde of the European Central Bank to bring.
The prices of Bitcoin, Ethereum, BNB, XRP, Cardano, Solana, Luna, and other cryptocurrencies have skyrocketed in the last 18 months and remain very volatile, but against illegal use. It’s becoming more and more attractive.
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European Central Bank (ECB) Governor Christine Lagarde recently warned of a crypto “threat” .. .. [+]
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The EU “bans Russia from providing high-value crypto assets services,” the European Commission said, adding that “this will help close potential loopholes.”
This package is the fifth round of sanctions imposed on the state, including measures against banks, currencies and trusts, “to increase economic pressure on the Kremlin and undermine its ability to fund the invasion of Ukraine. Further contribute to. “
In March, European Central Bank (ECB) Governor Christine Lagarde warned that Bitcoin and other cryptocurrencies were being used to circumvent sanctions and served those subject to sanctions. We called coins and cryptocurrencies “co-conspirators” and tried to avoid them. The world’s largest cryptocurrency exchanges, such as Coinbase and Binance, quickly responded to sanctions.
Europe and the United States have led efforts to impose catastrophic sanctions on Russian state-owned companies and banks in recent weeks, and the UK government last month announced new authority to seize Bitcoin and cryptocurrencies. bottom.
Trading volumes between Bitcoin and the Russian ruble soared to a nine-month high following the invasion of Ukraine and subsequent sanctions. In February, Russia launched SWIFT, the world’s leading international payment network.
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Bitcoin prices have exploded over the past few years, with Bitcoin and cryptocurrencies at $ 2. .. .. [+]
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A London-based lawyer said in March that Russia’s oligarchs and billionaires, which were hit by severe financial constraints, are looking to Bitcoin.
“The immediate question they have is where to transfer the cash. They certainly don’t want to transfer it to Russia,” said Nigel Kusher, CEO of law firm WLegal. .. BBCA person working with a wealthy Russian without a name.
“Some people may buy Bitcoin, but it’s really tricky for them,” Kuscher said, “the only option” for certain Russian oligarchs and billionaires subject to international sanctions. Added. “Once on the sanctions list, banks other than Russian banks will not contact you, so where else can you put your money?”
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