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Fresh Sanction Issued on Russia by EU Including Crypto Services

On Thursday, the European Council of the EU issued the eighth round of sanctions on Russia. All cryptocurrency wallets, accounts, and custody services are illegal for Russian people, organizations, and foreigners at the moment. Along with IT consulting, the provision of legal advice and architectural and engineering services to Russian authorities and organization is also not allowed.

The European Council of the EU agreed on a new round of sanctions on Russia for its Ukraine invasion on 6th October.

Russian citizens were allowed to hold up to 10,000 Euros in cryptocurrency till now through EU-based wallets, accounts, and crypto custody companies. However, owing to the new prohibitions, no crypto services may be used in any manner.

The new restrictions broaden the services list that may no longer be delivered to the Russian government or Russian legal entities. The Council might further degrade Russia’s industrial and military capacities, which might hamper Russia’s aggressiveness against Ukraine.

New export and import restrictions, the G7 oil price limit adoption, and prohibitions on state-owned firms are all part of the deal. Moreover, more billionaires, significant military leaders, and propagandists have been sanctioned.

Due to the Russia-Ukraine conflict, commodities and energy prices have skyrocketed. The outcome was an arduous decline in the value of crypto and stocks throughout the world.

Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency behemoths, have been down by more than 60% since the onset of the year. Meanwhile, Russia plans to legalize crypto and mining soon.

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