Cryptocurrencies mentioned by EU in Russia and Belarus sanctions

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2022-03-11 15:14:49

The European Union clarified that cryptocurrencies are included in financial sanctions imposed on Russia and Belarus and pointed out that companies and individuals in these two countries are expelled from cryptocurrency trading with the EU.

EU’s Russia Sanctions Mention Cryptocurrency

EU’s Russia Sanctions Mention Cryptocurrency

The EU announced that it is not providing military aid to Ukraine at the moment to avoid direct conflict with Russia. Instead, they hit the Russian financial markets with monetary sanctions. This reduces power and prevents the country’s external financial connections.

Giant banks in Russia have their assets frozen and some financial institutions expelled from the SWIFT system.

Recently, the European Union continued to expand its measures against Russia. EU bans digital asset trading for 160 individuals who are local tycoons. These people are suspected of being part of Putin’s inner circle.

The European Union confirms the common understanding that loans and credits can be provided by any means, including crypto-assets, as well as clarifying the concept of ‘liquidable securities’. transfer’, to unambiguously include crypto assets and thus ensure proper implementation, the organization added in its statement.

The EU also imposed similar penalties on Belarus for supporting Russia’s “special military operation”. Many banks in Belarus were expelled from SWIFT.

The EU’s Central Securities Depository said that wire transfers in excess of €100,000 in transactions made by citizens of Belarus will not be accepted.

Russia’s largest bank, Sberbank, withdraws from the European market

After a series of sanctions, Sberbank – Russia’s largest bank announced its withdrawal from the European market.

Faced with large cash flows when conducting capital operations in Croatia, Austria, Germany, Hungary and many other countries. Sberbank gave the reason for the closure in those countries because the safety of bank employees was threatened.

Sberbank is one of the few Russian banks to support digital currency. This bank also created a blockchain exchange-traded fund (ETF) to track prominent companies in the cryptocurrency market such as Coinbase, Galaxy Digital, etc. In addition, this is the first product in Russia. allows users to get deeply involved in the digital crypto space without buying, storing or selling tokens.

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