The Russian-European conflict continues to rage. The recent declaration by the European Union to prohibit crypto payments from Russia has added fuel to the flames.
The EU has reaffirmed its position that it would not allow bitcoin services to be provided to Russia. An element of the plan to implement economic sanctions on Russia.
The referendum in Ukraine asked the residents of the Donetsk area in eastern Ukraine whether they want independence from Ukraine. The results were revealed only three hours after the polls closed, raising doubt about the legitimacy of the process. No other entity confirmed the findings independently. The majority opinion was that the referendum was a “mess.”
The restriction on the provision of cryptocurrency services to Russia by the European Union is a component of economic and political sanctions. Initially, the limit restricted the value of Russian payments to €10,000 ($9,700). Now, the restriction includes all cryptocurrency transactions.
This follows allegations of a spike in Russian firms utilizing cryptocurrencies to circumvent sanctions.
The current bans on crypto assets have been reinforced by prohibiting all crypto-asset wallets, accounts, and custody services, regardless of the value of the wallet (before, up to €10,000 was permitted).
The EU has said that the sanctions against Russia are effective. They impede Russia’s capacity to produce new weapons and maintain old ones, as well as its material transfer.