EU imposes the 12th set of Crypto sanctions against Russia

The EU authorities again released a set of sanctions against Russia as a part of the Russia vs Ukraine conflict.

European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. The EU members are going to adopt the Markets in Crypto Assets (MiCA), a new crypto framework. Any crypto company which secures approval under the MiCA framework will be able to provide services across all the EU member countries with full freedom under regulation. 

In the latest, the European Union has released a new set of digital asset sanctions against Russia. Notably, this is the 12th package, focusing on the crypto-asset sector. Under this set of sanctions, all Russian nationals and residents will be prohibited from interacting with the EU’s economic zone. 

The sanctions include a comprehensive ban on Russian involvement in digital asset services, including owning, controlling, or being part of the governing bodies of crypto service providers. So Russians can’t participate in EU-based crypto services/platforms. 

With this set of sanctions, the EU aimed to fight against Russia’s financial capabilities and close loopholes in digital financial activities. 

Such types of sanctions have been introduced by the majority of the Western countries in early 2022, following the high-level war activities between Ukraine & Russia over their geopolitical conflict.

With the sanctions, the majority of the countries aimed to stop Russian military action in Ukraine. On the other hand, Ukraine grabs support from the countries as well as from the crypto community. 

Following the Russia vs Ukraine conflict, the majority of the crypto investors donated money to the Ukrainian military. On the other hand, the majority of the crypto companies received guidelines from the corresponding jurisdictions to block all Russian-linked crypto accounts & addresses from their platform. 

Before the Russia vs Ukraine war, the central bank of Russia was planning to ban cryptocurrencies from the country but the war changed the whole situation and now Russia is slowly bringing rules & laws for the crypto sector. 

Recently the Russian finance ministry introduced a set of new rules for Bitcoin miners so that mining companies can sell their mined assets non-Russian bodies legally.

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