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EU sanctions target Russia-linked crypto network and 14 platforms
The package freezes and bans transactions for dozens of Russian banks and adds measures aimed at the A7 cross-border payments network and its A7A5 stablecoin.
The European Union released its 21st Russia sanctions package, expanding the bloc’s crypto-related measures to target the A7 cross-border payments network, including its links to Africa, and the A7A5 stablecoin used for sanctions evasion, according to CoinDesk.
The EU also widened a transaction ban to 14 crypto-related service platforms in countries including Georgia, the United Arab Emirates, Panama, the Marshall Islands, Kyrgyzstan, and Belarus, and introduced a tool that could allow a fuller ban on crypto-asset services used by Russia.
CoinDesk reports that the sanctions also include freezing assets and banning transactions for 94 banks and major financial institutions, and extending the transaction ban to 33 additional Russian credit and financial institutions.
The EU said Russia is increasingly relying on cryptocurrencies for international transactions, and the new crypto measures come shortly after Russia’s State Duma passed legislation establishing the country’s first comprehensive crypto regulatory framework, with most rules slated to take effect Sept. 1.