The European Union (EU) has implemented a ban on providing high-value %Cryptocurrency services to Russia as part of a new package of sanctions imposed in response to the invasion of Ukraine.
The latest measures will “contribute to closing potential loopholes” in existing restrictions, the EU said, and were announced alongside bans on four Russian banks, coal imports, and offering advice on wealth-concealing trusts to oligarchs.
According to a statement made by the EU, the ban on high-value cryptocurrency services extends a prohibition on deposits to Russian-based cryptocurrency wallets.
European Central Bank President Christine Lagarde recently warned that cryptocurrencies are being used to evade sanctions on Russia.
The EU said cryptocurrencies were already included in existing asset freezes, and on March 9 extended the definition of “transferable securities” to include virtual assets as well as digital coins and tokens.
Cryptocurrencies are also being used by Ukraine to help fund its fight to expel Russian forces from its territory, with the Ukrainian government soliciting cryptocurrency donations from around the world.