In the past few months, the European Union has imposed many sanctions on the Russian government due to the ongoing war between Russia and Ukraine. As per the reports, the EU announced another new sanction on Russia on 6th October, which states a total ban on cross-border crypto transfers between the EU and Russian wallets. Other phrases like crypto accounts, custody services, and many more are also included in the prohibition.
A new move by European Union
Due to the ongoing clash between Russia and Ukraine, the EU is putting more and more sanctions on Russia, along with force mobilization as well as nuclear escalation threats.
Previously, the European Union set a 10,000 dollar crypto transfer limit from Russian to European Union wallets. However, the EU’s main goal was to deny the Kremlin’s military further; therefore, they totally banned the cross-border crypto transfer between these two regions. It isn’t a good thing for the people living there.
The sanction was imposed soon after the Russian government allowed its citizens to use crypto for international transactions. The new law that authorized this transaction also includes guidance on how to get crypto assets and a list of their apps. The choice was also in line with the Russian Central Bank’s decision, which was made on 5th September last year.
Russia’s deal with China
As per the reports, Russia made a new deal with China based on which Russia intends to develop a new digital coin for transaction settlements. Currently, the development of the coin is in the pilot phase. By the end of 2020, the nation also passed a new law that allowed people to make payments using digital coins.
Despite this, when the EU sanctions were tightened because of the ongoing war, the US government imposed more barriers against Russia. Also, the EU announced another new sanction on Russia, which will make it difficult for them to make international transfers. Looking over these facts, we can clearly say that nothing is going as planned by Russia, and if the war continues, they will suffer from more sanctions which will not be a good thing.
What are your thoughts on the EU’s newly announced sanctions on Russia? How do you think the Russian government will reply European Union? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: Victims of crypto and NFTs fraud will get some tax benefits.
