Ukraine Crisis: Crypto Wallets Targeted by EU in Latest Round of Russia Sanctions

Crypto wallets allow individuals to keep the password that gives them access to cryptocurrencies safe.

By Reuters | Updated: 8 April 2022 17:38 IST

Ukraine Crisis: Crypto Wallets Targeted by EU in Latest Round of Russia Sanctions

EU-based cryptocurrency exchanges were already required to apply sanctions that bar transactions

Highlights

The EU said it's extending the prohibition to deposits to crypto-wallets
It also confirmed a full transaction ban on four Russian banks
There is also a ban on advising on trusts for wealthy Russians

The European Union on Friday targeted crypto wallets, banks, currencies, and trusts in its fifth package of sanctions on Russia in a bid to close potential loopholes which could allow Russians to move money abroad.

Following Russia's invasion of Ukraine on February 24, EU-based cryptocurrency exchanges were already required to apply sanctions that bar transactions from targeted individuals, but there were concerns that loopholes remained.

The EU on Friday said it was extending the prohibition to deposits to crypto-wallets.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

"This will contribute to closing potential loopholes," the EU's executive European Commission said in a statement.

Crypto wallets allow individuals to keep the password that gives them access to cryptocurrencies safe, and to send, receive and spend cryptocurrencies like bitcoin.

The EU said it is also banning the sale of banknotes and transferable securities, such as shares, denominated in any official currencies of EU member states to Russia and Belarus.

Vitalik Buterin Silently Donates ETH 700 to War-Withered Ukraine

It also confirmed a full transaction ban on four Russian banks, including VTB, representing 23 percent of market share in the Russian banking sector.

The banks have already been cut off from the international bank messaging system SWIFT and will be now subject to an asset freeze to completely cut them off from EU markets, the bloc said.

There is also a ban on advising on trusts for wealthy Russians, to make it more difficult for them to store their wealth in the EU.

© Thomson Reuters 2022

Why are they still making more Harry Potter? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.