Why The EU Will Sanction Russian Crypto Transactions

The European Union has extended its sanctions against Russia and has added more restrictions to crypto wallets and related services. Per a press release, the European Commission implemented an eight package on the Russian Federation due to its conflict with Ukraine.

The sanctions are aimed at negatively impacting key areas of the Russian infrastructure and preventing them from continuing with their invasion of Ukraine. The Commission claims the conflict has escalated into an “illegal war against Ukraine”.

In addition to its military infrastructure and its capacity to mobilize troops into Ukraine, the Commission has targeted Russia’s capacity to generate revenues. The EU will impose a ban of over 7 billion euros and export restrictions to attack the country’s financial capabilities and technological capabilities.

The new sanctions will deprive the Russian Federation of “complex key” technological components an