EU’s Largest Measures Against Russia Yet Include Escalation Of Crypto Sanctions Evasion

The European Union (EU) released its “biggest package” of sanctions in two years against Russia, describing the measures as far-reaching and restrictive. They specifically target crypto with a total ban on providers and platforms established in that country.

The bloc also banned Russia’s central bank digital currency (CBDC), the ruble-pegged RUBx stablecoin and all EU support for the development of the digital ruble.

The sanctions include measures against 20 Russian banks and four third-country financial institutions and entities connecting to the Russian System for Transfer of Financial Messages (SPFS), the Russian banking messaging network, according to a Chainalysis report.

The blockchain intelligence firm said the EU also imposed sanctions on TengriCoin, a Kyrgyz crypto exchange operating as Meer.kg, where significant amounts of the government-backed stablecoin A7A5 are traded.

Source: X.com

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