The European Union is introducing sanctions that directly target cryptocurrency platforms used by Russian residents. This marks the first instance of digital asset services being included in sanctions, as outlined in the EU's 19th sanctions package. The measures aim to ban all cryptocurrency transactions for Russian residents while also restricting dealings with foreign banks involved with Russia's alternative payment systems. European Commission President Ursula von der Leyen emphasized the need for sanctions to evolve in response to advanced evasion tactics used by Russia. These measures come in response to increased aggression from Russia, including recent missile and drone attacks against Ukraine. Furthermore, there are concerns regarding Russian oil companies utilizing digital assets to circumvent existing sanctions, with reports indicating significant monthly transactions in Bitcoin and Tether. Meanwhile, Ukraine is proposing a national Bitcoin reserve to strengthen its financial resilience, recognizing Bitcoin's potential value in the current economic climate.

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