Russia and Belarus Faces Huge Cryptocurrency Sanctions!

Yuvi
Yuvi
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In an announcement on Wednesday, the EU said crypto assets fall under the category of “transferable securities” and are therefore clearly included in sanctions imposed on Russia for its invasion of Ukraine and Belarus for their participation.

“Today’s package clarifies that crypto-assets fall under the scope of “transferable securities”. This was already the case but today’s text makes this point clearer,” an EU official told CoinDesk.

“It also confirms the common understanding that loans and credit also include crypto assets.”

Binance said Monday it will block the accounts of Russian individuals who have been sanctioned, but will not “unilaterally” freeze the accounts of all Russian users. The comments come after Ukraine’s vice prime minister called on major cryptocurrency exchanges to block all Russian user accounts.

Binance said Monday it will block the accounts of Russian individuals who have been sanctioned
Binance CEO Sanctions on Russia

In Russia, the amendment has introduced new export restrictions on maritime navigation and radio communication technology, adds the Russian shipping of the marine register to the list of state-owned companies subject to financial restrictions and previously introduces information on sharing of maritime safety. Equipment, read the release.

The latest measures target specified Russian individuals with close ties to the government, expand economic sanctions targeting Russia’s and Belarus’s economic sectors, and impose new export control restrictions. These actions involve asset blocking and other restrictive measures imposed by the US Treasury Department’s Office of Foreign Assets Control (OFAC), as well as new export controls imposed by the US Commerce Department’s Bureau of Industry and Security (BIS).

Ukraine’s Deputy Prime Minister Mikairo Fedorov said on Sunday that he had asked major crypto exchanges to block the digital wallet addresses of Russian users who would allow cryptocurrency transactions.

Ukraine's Deputy Prime Minister Mikairo Fedorov
Vice Prime Minister Minister of Digital Transformation, Ukraine

The extended sanctions arrived after the announcement of the Commission last month that several Swift Russian banks will start a cross-border payment network.

According to encrypted sanctions, digital activities are falling under the use of “transferable securities” while loans and loans provided by Crypto will not be authorized under these restrictive financial resources.

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Co-founder of Xryptonation.com, Senior Author, Editor, Blockchain Expert.
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