The European Union (EU) has updated its sanction to Russia, the eighth package, and this time it reveals zero tolerance for transactions related to cryptocurrencies.

According to a press release shared by the 27-member body, the €10,000 transaction limit imposed on cryptocurrencies accessible from exchanges/platforms in the region has been removed, removing citizens and the Russian personnel from all forms of digital currency exposure.

The European Union has been sanctioning Russia since it invaded Ukraine in February and for continued aggression against the country. While the ban on cryptocurrency trading seems strict, the EU took sanctions to a new level by blocking Russia from all cryptocurrency custody or wallet services, regardless of the amount involved.

The idea behind the eighth sanctions package is to limit Russia’s power to continue the war against Ukraine.

The sanctions covered and included the sum of 7,000 million euros in import restrictions that affect key products and services leaving the Kremlin. The EU also reiterated its price cap for Russian oil, which it says, when the modalities are finalized, will further limit the country’s access to financial resources.

The EU has banned its citizens from sitting on the board of any company in Russia, while the flow of experts from the region to Russia has also been banned.

Now that access to cryptocurrencies is blocked, this may serve as a notably significant hurdle for the Putin government, as key agencies and ministries are starting to look at cryptocurrencies as an alternative way to survive financial and economic restrictions. with the extensive sanctions imposed on it.

According to the EU statement, the body has “introduced a new inclusion criterion, which will allow it to sanction people who facilitate violations of the sanctions evasion ban.”

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