The European Union banned Russia from providing services using high-value crypto-assets as part of the fifth package of sanctions imposed in response to the war in Ukraine.
The European Commission said the measure would “help close potential loopholes” in existing restrictions. The ban will also apply to the replenishment of cryptocurrencies.
European Central Bank President Christine Lagarde recently warned that cryptocurrency is being used to evade sanctions.
In an April 4 FAQ, the commission said cryptocurrency is already included in existing asset freeze measures, and on March 9 it expanded the definition of “transferable securities” to include virtual assets.