EU Proposes Full Ban on Crypto Transactions with Russia

EU Proposes Full Ban on Crypto Transactions with Russia

The European Commission’s proposal seeks to ban all Russian-linked crypto activity, including digital ruble trades, as part of the 20th sanctions package pending unanimous member state approval.

Fact Check
The assessment is 'likely_true' with high confidence based on strong, consistent evidence from multiple sources. The most direct and compelling evidence comes from a highly authoritative Euronews report which explicitly states that the proposed 20th package of EU sanctions targets 'cryptocurrency'. This claim is further corroborated by other sources. A maritime industry publication also mentions 'crypto-related' topics being part of the sanctions, and a social media post from a news outlet specifies the targeting of 'cryptocurrency evasion channels.' While some high-authority sources like the Financial Times and Bloomberg do not mention crypto, their reporting focuses on other major aspects of the sanctions, such as the ban on maritime services for the Russian oil trade. Their silence on the crypto aspect does not contradict the direct evidence provided by other sources; it merely reflects a different editorial focus. Additionally, the official statement from the European Commission President, while not explicitly naming crypto, confirms the package targets 'financial services,' a category under which crypto transactions would fall. There is no contradictory evidence among the provided sources. Therefore, the weight of the evidence strongly supports the statement that the EU proposed significant restrictions, amounting to a ban, on crypto transactions with Russia as part of its sanctions package.
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Summary

The European Commission has proposed a complete ban on cryptocurrency transactions with Russia to prevent sanctions evasion. The measure would target Russian crypto service providers and digital ruble transactions, forming part of the EU’s 20th sanctions package, expected by February 24. For adoption, the proposal requires unanimous agreement from all 27 EU member states. This move expands existing sanctions and aims to close potential loopholes in the use of digital assets for bypassing financial restrictions.

Terms & Concepts
  • Sanctions: Economic or political measures imposed by countries or organizations to influence or punish another nation or entity.
  • Cryptocurrency Transactions: Transfers of digital currencies between parties on blockchain networks.
  • Digital Ruble: Russia’s central bank digital currency (CBDC), issued by the Bank of Russia.