EU bans all transactions with crypto assets for Russian citizens

The European Union (EU) has introduced bans on all transactions with crypto assets for Russian citizens and residents of the country.

The announcement came on the website of the European Commission (EC) on October 6.

“Existing bans on crypto assets have been tightened by banning all wallets, accounts, or crypto asset custody services, regardless of the wallet amount,” the post reads.

The EC noted that earlier Russians were allowed to have accounts up to €10,000.

The organisation added that the new package of sanctions also establishes a ban on a range of services that could be provided to the Russian government or legal entities registered in Russia. The new restrictions apply to IT and legal advice, as well as architectural and engineering services.