In the words of Ursula von der Leyen, EU Council's President, "We will never accept Putin's sham referenda nor any kind of annexation in Ukraine. We are determined to continue making the Kremlin pay."
The European Union approved the eighth round of sanctions against Russia. The latest ban restricts all crypto-related services for Russia-based investors.
Last week, Russia held a referendum "asking" four Russia-occupied regions to join the nation. According to the EU, the vote was a “sham” as it sought to illegally annex territories under Ukraine’s control.
As a result, the EU's latest round of sanctions seeks to cut over €7B worth of Russia’s revenue from imports.
The press release reads,
"The EU stands united in its solidarity with Ukraine, and will continue to support Ukraine and its people together with its international partners."
In April, the EU applied a cap of €10,000 on crypto transactions for Russian investors.
However, the regulatory body has now barred all crypto services to Russia. This ban extends to crypto wallets, accounts, and custody services.
Apart from tightening the rules of the crypto ban, the EU imposed import sanctions on steel products, appliances, machinery, and so on. The regulatory body believes its export sanctions will reduce Russia's access to military and industrial equipment.
Meanwhile, the Bank of Russia has legalized using crypto to settle international payments.
Interestingly, despite Russia’s positive outlook on crypto, the nation recently blocked access to OKX. The crypto exchange’s website was blocked at the request of the Prosecutor General’s Office over allegations of providing unreliable financial information.
