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EU approve new stiff crypto sanctions against Russia following the later’s Ukraine invasion

The European Union has affirmed a general restriction on giving crypto services to Russians as it fixes sanctions directly following what it calls “sham” withdrawal votes in four Ukrainian districts.

The Union however, presented an eighth arrangement of monetary and political measures against Russia after the February invasion, fixing a past rule which restricted crypto payments to European wallets to 10,000 euros ($9,900).[irp]

“The current denials on crypto resources have been fixed by restricting all crypto-resource wallets, records, or custody services, regardless of how much the wallet,” the European Commission said in an explanation on Thursday, after recommendations it made last week were closed down by EU states.

The measures, which notably seek to cap the price of oil that Russia can sell, follow the country’s attempt to annex the regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia.

Previous crypto sanctions have taken effect on publication in the EU’s Official Journal, and applied to Russian citizens, residents and entities, unless they live in the bloc.

Written by Grace Owell

Grace Owell is an expert freelance writer from Texas, United States of America. Her expertise measures solely on personal finance and health articles. She currently writes for newsway.com.ng

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