10-07-2022, 12:09 AM
Russia-Ukraine War: EU Completely Forbids Crypto Payments from Russia
<p>The European Union has announced its eighth sanction package against Russia including a complete ban on Russia-originated payments into crypto wallets in Europe.</p><p>In April, the political bloc had pegged <a href="https://www.financemagnates.com/fintech/payments/are-crypto-payments-even-a-thing-or-just-a-dead-gimmick/" target="_blank">crypto payments </a> from Russia into wallets in the region at €10,000.</p><p>However, the European Commission on Thursday <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5989">announced</a> that the prohibition has been further tightened.</p><p>The bloc said it is “banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”</p><p>The sanction, which is one of the bloc's several new “hard-hitting" measures, is the EU’s response to Russia’s continued <a href="https://www.financemagnates.com/tag/ukraine/" target="_blank">war on Ukraine</a> and attempt to annex the Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine.</p><p>Others measures are the sanctioning of more individuals and entities, extension of restrictions to the oblasts of Kherson and Zaporizhzhia, and new export restrictions.</p><p>Furthermore, the new measures include new import restrictions worth €7 billion, introduction of the <a href="https://www.bundesfinanzministerium.de/Content/EN/Downloads/G7-G20/2022-09-02-g7-ministers-statement.pdf?__blob=publicationFile&v=9">G7 oil price cap</a> on Russian oil, and new listing criterion to punish persons who facilitate the infringements of the prohibition against circumvention of sanctions.</p><p>“This package – which has been closely coordinated with our international partners – responds to Russia's continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham ‘referenda’, mobilising additional troops, and issuing open nuclear threats,” the <a href="https://www.financemagnates.com/tag/european-commission/" target="_blank">European Commission</a> explained in a statement.</p><p>The SWIFT Sanction</p><p>In March, the EU <a href="https://www.financemagnates.com/institutional-forex/eu-bans-7-russian-banks-from-accessing-swift/">banned seven Russian banks</a> from accessing the Society for Worldwide Interbank Financial Telecommunications (SWIFT).</p><p>SWIFT is an international messaging system that allows banks all over the world to send messages and communicate about cross-border payments securely and instantly.</p><p>The banned Russian banks were VTB, Bank Otkritie, Bank Rossiya, Sovcombank, Novikombank, VEB, and Promsvyazbank.</p><p>“At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia's financial system, its high-tech industries and its corrupt elite,” the President of the European Commission, Ursula von der Leyen said.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...n-package/
<p>The European Union has announced its eighth sanction package against Russia including a complete ban on Russia-originated payments into crypto wallets in Europe.</p><p>In April, the political bloc had pegged <a href="https://www.financemagnates.com/fintech/payments/are-crypto-payments-even-a-thing-or-just-a-dead-gimmick/" target="_blank">crypto payments </a> from Russia into wallets in the region at €10,000.</p><p>However, the European Commission on Thursday <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5989">announced</a> that the prohibition has been further tightened.</p><p>The bloc said it is “banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”</p><p>The sanction, which is one of the bloc's several new “hard-hitting" measures, is the EU’s response to Russia’s continued <a href="https://www.financemagnates.com/tag/ukraine/" target="_blank">war on Ukraine</a> and attempt to annex the Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine.</p><p>Others measures are the sanctioning of more individuals and entities, extension of restrictions to the oblasts of Kherson and Zaporizhzhia, and new export restrictions.</p><p>Furthermore, the new measures include new import restrictions worth €7 billion, introduction of the <a href="https://www.bundesfinanzministerium.de/Content/EN/Downloads/G7-G20/2022-09-02-g7-ministers-statement.pdf?__blob=publicationFile&v=9">G7 oil price cap</a> on Russian oil, and new listing criterion to punish persons who facilitate the infringements of the prohibition against circumvention of sanctions.</p><p>“This package – which has been closely coordinated with our international partners – responds to Russia's continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham ‘referenda’, mobilising additional troops, and issuing open nuclear threats,” the <a href="https://www.financemagnates.com/tag/european-commission/" target="_blank">European Commission</a> explained in a statement.</p><p>The SWIFT Sanction</p><p>In March, the EU <a href="https://www.financemagnates.com/institutional-forex/eu-bans-7-russian-banks-from-accessing-swift/">banned seven Russian banks</a> from accessing the Society for Worldwide Interbank Financial Telecommunications (SWIFT).</p><p>SWIFT is an international messaging system that allows banks all over the world to send messages and communicate about cross-border payments securely and instantly.</p><p>The banned Russian banks were VTB, Bank Otkritie, Bank Rossiya, Sovcombank, Novikombank, VEB, and Promsvyazbank.</p><p>“At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia's financial system, its high-tech industries and its corrupt elite,” the President of the European Commission, Ursula von der Leyen said.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...n-package/