EU Bans Russia From Certain High Crypto Services

  • EU band Russia of crypto services and two more bans.
  • Russia claims to have more than $130B in crypto and BTC.
  • Russia’s war on Ukraine translates to the EU to take up such decisions.

As Russia’s war still propagates on Ukraine, countries around the world too still continue to extend their indirect support by many terms. In such terms, the European Council (EU) has now taken up certain measures in order to constrain Russia’s actions. 

Accordingly, the EU has officially put up three most decisive bans upon Russia. The first among them are the ban of crypto services and crypto assets related services for Russia. Although many countries as individuals have already restricted the crypto related services to Russia, along with many prominent exchanges too, this decision by the EU is one of the most significant steps as a council devised together.  

EU’s Decisive Bans

On 8th APril, 2022, the EU council officially put out three bans on a collective against Russia. The first ban translates to the banning of crypto related services for Russia, amidst the European countries. In spite of this immediate bans have been devised upon Russian crypto transactions and also with four major banks of Russia. 

Just a day back before the EU’s banning, Russian Prime Minister Mikhail Mishustin revealed that Russia holds about an overall $130 Billion in crypto and Bitcoin (BTC) collectively. Indeed this translates on near with Russia’s total gold holdings which values at $140 Billion. 

In spite of this, all firms including privatized crypto organizations operating in Europe could not and should not deal with any kind of Russian nationality or Russian based crypto transactions.

Similarly, the EU has also devised a ban of coal imports from Russia. As Russia being one of the major coal importers for Europe, this decision could be quite catastrophic for the nation. Also, all sorts of air, water and road transports between Russia and Belarus have also been banned. 

And so, all sorts of constraints have been put forth upon Russia, though Russia for now has no notion to stop its aggression upon Ukraine.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.