EU Extends Sanctions Against Russia and Belarus to Crypto

The EU said that cryptocurrency assets fell under the category of “transferable securities” and are therefore clearly covered in the scope of penalties.

The European Union (EU) has said unequivocally that sanctions against Russia and Belarus include digital assets.

Crypto assets are classified as “transferrable securities,” and as such are plainly included in the scope of sanctions imposed on Russia for its invasion of Ukraine and on Belarus for its participation.

“Loans and credit may be extended in a variety of ways, including via the use of crypto assets,” the EU said on Wednesday.

Additionally, the EU announced an increase of current financial sanctions against Belarus to match those already in place against Russia.

These include limits on the supply of SWIFT services to three Belarusian banks and their subsidiaries, prohibition of transactions with the Belarusian Central Bank, and prohibition of the list of securities relating to Belarus state-owned firms’ shares on EU trading exchanges.

Concerns have been expressed by US politicians that Russia may utilise crypto to circumvent sanctions, although the degree to which this is the case is questionable. Salman Banei, the director of public policy at blockchain analytics company Chainalysis, told CoinDesk TV that this was “unlikely.”

Also Read: Ukrainian Deputy Minister Praises Crypto And Explains Why An Airdrop Was Cancelled