According to French Finance Minister Bruno le Maire, the European Union will ensure that Russia cannot utilize cryptocurrency to avoid harsh economic penalties.
His remarks came in the midst of a heated debate on the subject.
Le Maire claimed the latest sanctions against Russia have disordered the country’s financial system and immobilized the central bank at a press conference following a meeting of European finance ministers.
European leaders also agreed to boost Ukraine’s financial aid.
Last week, the EU and the US slapped new sanctions targeting Russian banks. Then, and elites in response to the country’s invasion of Ukraine. The suspension of Russia from the SWIFT transactions system, which effectively cuts off the country’s access to the global banking system, was the most noteworthy of these penalties.
The US recently added digital currencies to its list of Russian sanctions, warning exchanges not to accept blacklisted firms.
In reaction, the Russian central bank raised interest rates dramatically. Then, and President Vladimir Putin set restrictions on the amount of foreign currency that could leave the country.
As a result of the harsh sanctions, some Western corporations have either left Russia or have had their services blocked. Cryptocurrency exchanges, on the other hand, have so far refused to prohibit Russian citizens.
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