The European Union has decided to revise a measure that partially prohibited offering crypto services to Russia. With the change, companies based in member countries can no longer provide crypto services to Russian citizens.
The decision was published recently and is part of the package of measures advocated by the European Union against Russia, accused of invading Ukraine. The action aims to completely ban offering crypto services to Russians, including using crypto wallets, exchanges, custody and trading platforms, and services with digital currencies.
Before this move, the European Union had restricted the offering of crypto services to Russians. However, the measure only prevented transactions above €10,000, which was seen as not very effective by the group of countries, according to the statement.
“Existing bans on crypto assets have been strengthened with a ban on all crypto assets wallets, accounts or custodial services, regardless of the value of the wallets.”
Europe tightens siege against Russia
The European Union has taken measures against Russia since the conflict with Ukraine began. In addition to crypto assets, the group of countries has already sanctioned bans on transactions with the country, affecting Russian oil and gas trading.
The European Union said that sanctions had had an effect in controlling the war between Russia and Ukraine. The document about the crypto market also cites other services to be banned for Russians, in addition to crypto assets trading.
“The package expands the scope of services that can no longer be provided to the government of Russia or legal entities established in Russia, and now include IT consulting, legal advice, architecture and engineering services.”
The ban on offering crypto services to Russians will not only apply to citizens who can prove residence in countries that are part of the European Union. The measure has been in place since the publication, and had also mentioned the intention of price controls on oil supplied by Russia to the bloc.