The European Union intends to ban Russians from investing in cryptocurrencies and using crypto wallets. Such measures may be included in a new package of sanctions against Russia because of the "referenda" on the entry of the occupied territories of Ukraine into Russia. This is reported by the profile publication CoinDesk, citing sources familiar with the discussions.
We are talking about a complete ban on the use of crypto infrastructure, the newspaper notes. Russians will be prohibited from keeping money, investing in cryptocurrencies and using crypto wallets. The previous package of European sanctions involved the introduction of severe restrictions on the use of crypto assets: it involved limiting the size of the deposit on exchanges and crypto wallets in the amount of €10,000. If the limit is exceeded, trading platforms may freeze funds or ask them to withdraw so as not to violate EU requirements.
Restrictions may be included in the new EU sanctions package, which should be presented at the end of the European Union summit in Prague on October 6-7. In addition to cryptocurrency restrictions, the EU is considering a ban on cooperation with the largest Russian oil companies, an embargo on the supply of steel products, timber, diamonds, as well as a ban on imports to Russia of general goods, such as deodorants and even toilet paper.
A separate item of the new package may be the introduction of a ceiling on oil prices, which will drastically affect the current architecture of the oil market and significantly hit Russia's oil revenues. If successful, this initiative could lead to a sharp drop in Russia's income.
