The European Commission (EU) has agreed to impose ban on providing "high-value crypto-asset services" to Russia as part of its fifth package of restrictive measures against Russia. The EU said in a press release that the step "will contribute to closing potential loopholes."
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Besides cryptocurrencies, the EU also prohibited providing advice on trusts to "wealthy Russians, making it more difficult for them to store their wealth in the EU." The Union also restricted offering financial and non-financial support to Russian publicly owned or controlled entities.
"Together with the four previous packages, these sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine," the press release reads.
Amid the geopolitical disaster that was sparked between Russia and Ukraine, Japan blocked assets of more than 100 Russian officials, oligarchs, banks and other institutions. The country also prohibited exports of high-tech products to Russia.
Earlier in March, the country also called on local cryptocurrency exchanges to ban transactions involving addresses listed in OFAC's sanction list. The government promised regulatory burden for trading platforms, including fines for parties that would violate the sanctions.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange