EU Bans Providing High-Value Crypto Services to Russia

European Union member states agreed Friday to ban the provision of high-value crypto-asset services to Russia as part of a fifth package of sanctions imposed in response to the Ukraine war.

The measure will "contribute to closing potential loopholes" in existing restrictions, the European Commission said, and were announced alongside bans on four Russian banks, coal imports and offering advice on wealth-concealing trusts to oligarchs.

According to a statement made by the Council of the EU, which represents national governments within the bloc, the measures extend a prohibition on deposits to crypto wallets.

European Central Bank President Christine Lagarde recently warned crypto was being used to evade sanctions, despite little evidence.

In an FAQ posted April 4, the commission said crypto was already included in existing asset freezes, and on March 9 extended the definition of "transferable securities" to include virtual assets.