The EU has just announced a new package of sanctions targeting the crypto industry linked to Russia, tightening restrictions on platforms and services in Russia and Belarus.
This measure bans digital asset service providers and crypto platforms based in Russia, and blocks the Russian central bank's digital ruble, the stablecoin RUBx, and related supporting services.
The scope of sanctions has been expanded.
The new package also targets 20 Russian banks, four third-country financial institutions linked to Russia's SPFS payment network, and the Kyrgyz exchange TengriCoin (Meer.kg).
The stablecoin A7A5 is listed in the sanctioned ecosystem.
Chainalysis stated that the A7A5 stablecoin, part of the sanctioned ecosystem, has processed approximately $119.7 billion. The organization XEM this as a payment channel allowing sanctioned Russian companies to access the global financial system.
EU users also face transaction restrictions.
EU citizens are currently prohibited from trading on CASP and DeFi platforms in Russia and Belarus. Additionally, crypto services under the MiCA framework are also banned from being offered to Belarusian individuals and organizations.
Summary
The EU's latest move further tightens the flow of crypto services and payments linked to Russia and Belarus, with the impact spanning from exchanges to stablecoins and banks.
