In the fifth round of sanctions on Russia, the European Union tightens its control on crypto wallets

Since Russia’s attack on Ukraine, the US, NATO and the European Union have been trying to impose sanctions on Russia in any way possible. In its fifth package of sanctions on Russia on Friday, the European Union (EU) targeted crypto wallets, banks, currencies and trusts that could help Russians move money abroad. The move comes only to address concerns about some loopholes (potential loopholes), as the European Union has already ordered its exchanges to ban transactions from Russia.

To avoid any potential loopholes in the EU sanctions to prevent Russia from transferring money abroad via crypto, the union has imposed a fifth of its sanctions on crypto wallets, banks, currency and trusts, according to news agency Reuters. Re-targeted through package. The European Union said on Friday that it was extending its ban on deposits in crypto-wallets. In its statement, a union executive said (translated) “This will help eliminate potential deficiencies.”

The report further states that the European Union has also stated that it is banning the sale of transferable securities such as banknotes or shares, denominated in any official currency of EU member states, to Russia and Belarus. It has also confirmed a complete transaction ban on four Russian banks, including VTB, representing 23 percent of the market share in the Russian banking sector.

The bloc said banks have already been banned from the international bank messaging system SWIFT and will now be subject to an asset freeze to be banned entirely from EU markets. Wealthy Russians are also being banned from trusts, to make it more difficult for them to store their money in the EU.