EU fully bans cryptocurrency services for Russians

The European Union has approved the восьмой пакет санкций против РФ, in which it bans Russians from owning cryptocurrency wallets within the euro area.

Russian citizens and residents will also be unable to create accounts or hold digital assets in the EU, regardless of the deposit amount.

In addition, the sanctions include:

• setting a price cap on maritime transport of Russian oil and further restrictions on the export of oil products to third countries;
• ban on all operations with the Russian Maritime Register of Shipping;
• ban on providing IT, engineering, legal and architectural services to Russian companies;
• ban on exports to the Russian Federation of coal, electronic components for weapons, aviation equipment and chemical substances;
• ban on imports from the Russian Federation of steel, timber, paper, cigarettes, plastics, cosmetics, jewellery and precious metals;
• ban on the sale of civilian firearms, military vehicles and equipment in the Russian Federation;
• ban on EU citizens occupying leadership posts in Russian state-owned companies.

The sanctions also apply to areas not under Kyiv’s control in Luhansk, Donetsk, Zaporizhzhia and Kherson regions.

In addition, the EU has provided for penalties for participants in schemes to circumvent the restrictions.

According to the European Commission’s estimates, the measures will reduce Russia’s revenues by at least €7 billion.

In April, the EU adopted the fifth package of sanctions against Russia. It included a ban on providing digital-asset-related services to residents of the Russian Federation, whose deposits exceed €10,000.

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