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16:28 29 Sep 2022

EU may ban russians from using cryptocurrency – Bloomberg

European companies may be banned from providing cryptocurrency wallets, accounts, or storage services to russians, Bloomberg reports.

Such a ban may work within the eighth package of European Union sanctions against the russian federation.

Previously, crypto exchanges, including Binance, as part of the EU requirement, set a limit on the storage of crypto assets for russians with a total value of up to 10,000 euros.

Now the previous limit can be canceled, as russians can be banned from keeping and buying cryptocurrency altogether.

Thus, the EU will try to stop using digital assets to circumvent the restrictions imposed against russia and crack down on people who try to avoid sanctions.

"We will be able to list individuals if they circumvent our sanctions," von der Leyen said. "So, for example, if they buy goods in the European Union, bring them to third countries and then to russia—this would be a circumvention of our sanctions, and those individuals could be listed. I think this will have a major deterring effect."

We will remind you that the European Union will apply "Crimean sanctions" to all territories temporarily not controlled by Ukraine.

It is also likely that the restrictions will affect russia's metal products.

European Commission President Ursula von der Leyen said the EU would propose a "sweeping" new ban on imports of russian products that would cost Moscow 7 billion euros ($6.7 billion) in revenue and ban the sale of critical technologies that could benefit its military.

"We are determined to make the Kremlin pay for this further escalation," she said.

The announcement came after russia announced a partial mobilization and staged widely condemned referendums on the annexation of the Ukrainian territory it's occupying.

Read Rubryka's Timeline of war: current news on Ukraine's defense against russia's aggression.

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