European Union member states agreed, dated April 8, to ban the provision of high-value crypto-asset services to Russia as part of a fifth measure of sanctions imposed in response to the Ukraine war. According to a statement made by the Council of the EU, which represents national governments within the union, the measures have the implications of  a prohibition on deposits to crypto wallets.

Christine Lagarde, President of the European Central Bank, recently warned that crypto was being used to avoid sanctions, despite the lack of evidence. In an FAQ posted on April 4, the committee said crypto was already included in existing asset freezes, and on March 9, broadened the definition of “transferable securities” to include virtual assets.

Published 12/04/2022

By Ashley Jones