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Why The EU Will Sanction All n Crypto Transactions And Wallets

Started by Bitcoin, Oct 07, 2022, 04:17 am

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Why The EU Will Sanction All n Crypto Transactions And Wallets

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



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


In addition to its military infrastructure and its capacity to mobilize troops into e, the Commission has targeted '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 n Federation of "complex key" technological components and European economy services. Including forbidding European nationals to take positions in certain n companies, and supplying the country with specific goods and equipment. The Commission stated:


The geopolitical, economic, and financial implications of ’s continued aggression are clear, as the war has disrupted global commodities markets, especially for agrifood products and energy.


BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview
Europe Takes Blow At  Via Crypto Sanctions

The new sanctions have been implemented following the annexation of e’s territory to the n Federation. The Vladimir Putin-led nation conducted referenda allowing people to vote for the integration of Luhansk, Kherson, Zaporizhzhia, and Donetsk into n territory.


The Commission classified this action as an "Illegal annexation" calling the voting process a "sham". In that sense, the new sanctions will attempt to n capacity to circumvent financial pressure.


The European Commission announced the prohibition of crypto assets, member nations must "ban" all crypto wallets, users, and custody services from this country. The old sanctions allowed people in European countries to transact with crypto wallets in  holding amounts of up to 10,000 euros.


The new penalties have been designed to widen the scope of the services and individuals that will be unable to interact with European entities. In addition to crypto and digital assets, the Commission has prevented IT consultancy, legal advisors, and others from providing support to the Federation.


On the new crypto and technological restriction, the Commission said:


These are significant as they will potentially weaken ’s industrial capacity because it is highly dependent on importing these services.


However, many are left wondering how the Commission or European entities will be able to enforce these restrictions. Unlike an IT or importing service, transactions on the blockchain might not be associated with an individual.


At most, crypto exchanges and other related companies will be able to lock out and prevent n users from onboarding their platforms. The average person will still be able to send and receive digital assets from n individuals or from people in the conflict zone.


As Bitcoinist has reported, crypto and digital asset donations have been critical in the e- conflict. People from all over the world have sent funds to support the ians, allowing the country to purchase critical equipment.



In addition, people in the affected areas, some of which might consider part of , used crypto to continue with their everyday lives. Thus, the new EU sanctions might pose an issue for the little guy, not the major players in the Putin government still with access to several tools to bypass sanctions.


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