EU bans transactions with Russian crypto platforms

The European Union imposed sanctions on the Russian cryptocurrency sector on April 23 - as part of a new, 20th package of measures, which Brussels called the largest in two years. As restrictions against the financial sector tighten, Russia is increasingly using cryptocurrencies for international settlements, the release explained.

The decision imposes a full sectoral ban on Russian-registered providers and platforms that provide transfer and exchange of crypto-assets. Transactions with the RUBx cryptocurrency and any involvement of European entities in the development of the digital ruble are also banned.

An organization from Kyrgyzstan, which operates a crypto exchange where "significant amounts of state-backed A7A5 stablecoin" are traded, has been blacklisted by the EU sanctions.

In addition, the EU has expanded pressure on the financial system as a whole, with a ban on transactions with 20 Russian banks and four foreign entities that help circumvent sanctions or are linked to Russia's financial messaging system.

This article was AI-translated and verified by a human editor