EU Imposes Fifth Round of Sanctions on Russia Targeting Crypto Transactions

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The fifth wave of sanctions also involved a new ban on four major Russian banks which makes up about 23% of the market share in the Russian banking sector.

The European Union (EU) has announced a new set of sanctions on Russia for its continued war aggression on Ukraine, in line with efforts by global leaders to punish the Kremlin for its forces’ crimes on the civilian population. According to the Press Release issued by the Council of the EU, evidence suggests that Russian forces targeted schools, hospitals, and shelters, and notably prevented humanitarian aid from moving freely within Ukraine to places where they are needed.

These sanctions come off as the fifth round of actions taken against the Russian government and associated oligarchs in a bid to defund the country’s efforts to continue the war. Per the sanctions, the importation of Russian coal or fossil fuel or their transfers into the EU has been prohibited with effect from August this year.

Besides this, access to EU ports will be prohibited for any vessel registered under the Russian flag with notable derogations for agricultural and food products, humanitarian aid, and energy.

“These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation. The aim of our sanctions is to stop the reckless, inhuman, and aggressive behaviour of the Russian troops and make clear to the decision-makers in the Kremlin that their illegal aggression comes at a heavy cost,” said Josep Borrell, High Representative for Foreign Affairs and Security Policy.

New Financial Ban on Russian Entities

The fifth wave of sanctions also involved a new ban on four major Russian banks which makes up about 23% of the market share in the Russian banking sector. With an earlier ban on these banks’ access to the SWIFT network, this latest action shows they are completely cut off from European markets.

The European Council also announced “the exclusion of all financial support to Russian public bodies, an extended prohibition on deposits to crypto-wallets, and on the sale of banknotes and transferable securities denominated in any official currencies of the EU member states to Russia and Belarus, or to any natural or legal person, entity or body in Russia and Belarus.”

These new measures are notably instituted to prevent the evasion of sanctions by entities in Russia, a move that will make earlier sanctions of no effect. The EU-wide ban on Russia will have far-reaching ramifications on businesses, including those focused on crypto offerings, as those who had earlier promised not to cut ties with Europe will now be forced to do so.

The latest round of sanctions from the EU also extends to the families of already sanctioned Russians. The ban also generally extended to proponents of disinformation and information manipulation that are systematically spreading the Kremlin’s narrative on Russia’s war aggression in Ukraine.

The goal of these sanctions which is also being taken seriously by American authorities is all a concerted effort to get a lasting ceasefire to end the war between Russia and Ukraine.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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