EU says crypto included in sanctions against Russia and Belarus

The European Union (EU) said on Wednesday that crypto assets fall under the scope of “transferable securities” in its sanctions imposed on Russia and Belarus.

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Fast facts

• The EU is extending its sanctions to Belarus for its involvement in Russia’s invasion of Ukraine, including prohibitions on the SWIFT banking system similar to those imposed on Russia.
• Cryptocurrency is being identified as a possible method of circumventing economic and financial sanctions, while many major crypto exchanges said they won’t block ordinary Russian users from their platforms unless there is a legal obligation to do so.
• Further sanctions on Belarus include limiting financial inflows from the EU, prohibiting transactions with the country’s central bank, and limiting services of shares of Belarus state-owned entities in the EU.
• Additional restrictions were introduced against 160 individuals, including 14 Russian oligarchs and 146 members of the Russian Federation Council.

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