The European Union targeted cryptocurrency wallets, banks, coins and digital asset funds on Friday in a new package of sanctions on Russia, trying to close potential loopholes that could allow Russians to move money abroad.
Following Russia’s invasion of Ukraine in February, cryptocurrency exchanges based in the European Union have already been forced to apply sanctions to prevent transactions from targeted individuals, but there are concerns that there are loopholes.
The European Union said it is extending the ban on deposits into cryptocurrency wallets. “This will help close potential loopholes,” a European Commission executive said in a statement.
Crypto wallets allow individuals to keep the password that gives them access to cryptocurrencies and to send, receive and pay with cryptocurrencies.
The EU said it was also banning the sale of banknotes and securities, such as shares, denominated in any official currencies of European Union countries to Russia and Belarus.
It also confirmed a total ban on transactions at four Russian banks, including VTB, representing 23% of the market share in the Russian banking sector.
Russian banks have already been cut off from the Swift international banking messaging system and will now be subject to an asset freeze to isolate them from EU markets.
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