In the past few months, the European Union has imposed several sanctions on the Russian government due to the ongoing war between Russia and Ukraine. According to the reports, the European Union has announced another new sanction against Russia on October 6, which states a total ban on cross-border crypto transfers between EU and Russian wallets. Phrases like crypto accounts, security services and many others are also included in the ban.
A new step in the European Union
The European Union is imposing more sanctions on Russia as a result of the conflict between Russia and Ukraine, along with the threat of amassing power and nuclear proliferation.
Previously, the European Union had set a limit of $10,000 for crypto transfers from Russia to EU wallets. However, the main objective of the EU was to further deny the Kremlin’s army. So they have completely blocked the cross-border crypto transfer between these two regions. It is not a good thing for the people who live there.
Image credits: European Union
The sanctions came shortly after the Russian government allowed its citizens to use crypto for international transactions. The new law that allowed this transaction also includes guidance on how to acquire crypto assets and list their applications. The choice was similar to the decision of the Central Bank of Russia on September 5 last year.
Russia’s agreement with China
According to reports, Russia has signed a new agreement with China to develop a new digital currency for trading settlements. Currently, the development of the coin is in the experimental stage. In the year By the end of 2020, the country has passed a new law that will allow people to make payments using digital coins.
However, the US government imposed more restrictions on Russia as EU sanctions tightened due to the war. Also, the European Union announced another new sanction against Russia, which makes it difficult to make international transfers. Looking at these facts, we can clearly say that nothing is going as planned in Russia, and if the war continues, more sanctions will be imposed, which will not be a good thing.
What is your opinion on the new sanctions announced by the European Union against Russia? How do you think the Russian government will respond to the EU? Let us know in the comments below. And, if you find our content informative, share it with your family and friends.
Also read: Victims of crypto and NFTs scams get some tax benefits.
