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High value crypto-asset services banned in Russia

The European Union stopped high-value crypto-asset services in Russia due to the war between Russia and Ukraine.
Prohibiting crypto services was one of three financial measures the European Commission proposed in addition to an import ban on Russian coal.

High-value crypto-asset services banned in Russia

The Russian president’s brutal aggression against Ukraine and its people is the only reason that the council of the European council has cut Russians off from certain cryptocurrency services in Russia.

In a Friday announcement, the EU council said it would be closing potential loopholes in using digital crypto-assets for Russian entities and individuals to evade sanctions with a “prohibition on providing high-value crypto-asset services” to the country.

The action was one of three financial measures the European Commission proposed alongside banning transactions and freezing assets connected to four Russian banks as well as a

The EU council

prohibition on providing advice on trusts to wealthy Russians.

Holdings of crypto-asset by the Russians

Russian Prime Minister Mikhail Mishustin claimed on Thursday that Russians hold more than $130 billion in crypto-asset

An amount reportedly comparable to the country’s gold holdings, valued at roughly $140 billion as of March 2022. Though it’s unclear whether the Russian nationals and banks named in sanctions from both the United States and the European Union are attempting to use crypto to evade these restrictions, the narrative persists among many lawmakers and regulators from Russia.

The European Commission included crypto assets as part of its sanctions targeted against Russia and Belarus in response to the invasion of Ukraine announced in March. the Treasury Department of THE united stated warned companies and individuals not to facilitate crypto transactions sent to certain Russian nationals and banks.

As the world is also run on the oil that is being supplied by Russia which is its main department in which Russia makes a huge profit and also helps others to grow and it is the reason which is most useful for Russia that not all the world goes against it.

While lawmakers continue to hint at crypto’s possible role in evading sanctions, oil and gas exports from Russia to EU member nations remain a major source of income for the country currently attacking Ukraine. The package of restrictive measures from the Council of the European Union included an import ban on Russian coal but did not mention oil or gas.

where on the other sides the People from Ukraine asked to stop buying oil, gas from russia as its their major exports and weapons which are being used against the Ukraine.

The United States Congress passed a bill on Thursday to ban oil and gas imports from Russia, which represents roughly 2% of the U.S. supply compared to an average of 20% across Europe.

Russia’s latest attack on the Ukraine one of the Stations that cause more than 50 Casualties makes Russia more evil that innocent people get the wrath of Russia. That’s the reason the world is going far from Russia.

  1. […] to get rid of the imposed allegations. In July, President Vladimir Putin signed a statement banning crypto assets as incomes into regulation, but the country’s central bank has reportedly thought of using […]

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