The European Union (EU) has banned all crypto-services to Russian entities. The blanket ban is part of the EU’s eighth round of sanctions against Russia for “continued escalation and illegal war against Ukraine.” The aim of this move is to contain Russia’s revenues off trade with European entities so that it doesn’t use those resources […]
The European Union has banned all crypto-services to Russian entities. The blanket ban is part of the EU’s eighth round of sanctions against Russia for “continued escalation and illegal war against Ukraine.”
Besides crypto-services, IT consultancy, legal advisory, architecture and engineering services have also been banned as a part of this directive. None of these services can be offered to the Russian government or individuals as the country is highly dependent on Europe for these services.sanctions Unlike the traditional banking system, Russia can rely on cryptocurrencies to get around the sanctions imposed by the EU.published in February this year claimed that many Russian individuals and groups have been involved in several high-profile cryptocurrency-based crime.
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