The European Union is looking to block Russian crypto transactions, marking the first time that sanctions directly target cryptocurrency platforms.
The European Union will include cryptocurrency platforms in its latest financial sanctions against Russia, marking the first time digital asset services are directly targeted.
The measures, part of the bloc’s 19th sanctions package, would prohibit all cryptocurrency transactions for Russian residents and restrict dealings with foreign banks tied to Russia’s alternative payment systems, according to a statement by European Commission President Ursula von der Leyen published Friday. The package also seeks to block transactions with entities operating in Russian special economic zones.
“As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead,” von der Leyen said. “Therefore, for the first time, our restrictive measures will hit crypto platforms. and prohibit transactions in cryptocurrencies.”
