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The EU has banned Russia from receiving high-value crypto services

As part of a fifth package of sanctions issued in response to the Ukraine crisis, European Union member states decided today to prohibit the provision of high-value crypto-asset services to Russia.

The measures, which were announced with sanctions on four Russian banks, coal imports, and offering oligarchs advice on wealth-concealing trusts, will “help to eliminating potential gaps” in existing limits, according to the European Commission.

The restrictions, according to the EU Council, which represents national governments within the bloc, extend a prohibition on deposits to crypto wallets.

Despite little evidence, European Central Bank President Christine Lagarde recently warned that crypto was being exploited to avoid sanctions.

The commission stated in an April 4 FAQ that crypto was already covered in existing asset freezes, and that on March 9 the term of “transferable securities” was expanded to encompass virtual assets.

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