The European Union announced new sanctions on December 18 against cryptocurrency companies and projects led by Russian citizens. The relevant portion of the new sanctions list reads: “Today’s decision includes a ban on Russian nationals from owning, controlling or holding any position in the management body of a legal person, entity or institution that provides crypto asset wallets, accounts or custody services to Russians and residents.” The exact account services that fall within the scope of the ban were not fully explained in the notice, but the reference to “accounts” means that Russian nationals are barred from accessing major crypto exchanges and trading platforms.
This round of sanctions is the EU’s twelfth against Russia and is intended to limit circumvention of earlier crypto-related sanctions. The EU previously banned the provision of crypto wallets and other services to Russian individuals in its eighth sanctions in October 2022. However, it did not ban individuals from holding key positions in crypto companies at that time. (Cryptoslate)
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