EU fully prohibits the offering of crypto services to Russian individuals

The offering of crypto services to Russian citizens and residents would be totally prohibited, the EU Council decided today.

It coincides with the bloc's eighth round of sanctions against Russia in response to its most recent takeover of the Ukrainian provinces of Donetsk, Luhansk, Zaporizhzhia, and Kherson.

The EU Council said in a statement that it will enact a "full ban on the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets."

The current package, according to the Council, consists of a number of "biting measures" that aim to "make the Kremlin pay for the recent escalation" and "reinforce pressure on the Russian government and economy."

"This new sanctions package against Russia is proof of our determination to stop Putin’s war machine and respond to his latest escalation with fake ‘referenda’ and illegal annexation of Ukrainian territories," said Josep Borrell, High Representative for Foreign Affairs and Security Policy.

"We are further hitting Russia’s war economy, limiting Russia’s import/export capacities and are on the fast-track to liberate ourselves from Russian energy dependence," he continued.

"We are also targeting those responsible for the illegal annexation of Ukrainian territories. The EU will stand by Ukraine for as long as it takes," he declared.

Along with increased limits on the marine movement of crude oil and petroleum products to third countries, the measures agreed upon today will also establish a price ceiling linked to the maritime transit of Russian oil for those nations.

Additionally, the EU will continue to forbid the import of steel goods that come from or are exported from Russia. Additional import restrictions have also been put in place for cigarettes, wood pulp and paper, plastics and cosmetics, as well as components used in the jewelry industry.

Additionally, the Council said that it will be enlarging the listing standards upon which particular designations may be based, opening the door to the prospect of focusing on those who "facilitate the circumvention of EU sanctions."

By fLEXI tEAM