G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

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G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

G7 countries and the European Union are examining ways to stop the use of cryptocurrency by  to evade sanctions. “We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets,” said Germany’s minister of finance.

G7 and EU Seek to Prevent Crypto Use to Evade Sanctions

The Group of Seven (G7) nations are reportedly examining ways to stop individuals and companies from using cryptocurrencies to circumvent Western sanctions following ’s invasion of e. The G7 countries comprise Canada, France, Germany, Italy, Japan, the UK, and the U.S.



Finance ministers and central bank governors of the G7 countries held virtual meetings this week together with e’s Finance Minister Serhiy Marchenko. Germany’s minister of finance, Christian Lindner, was quoted by AFP as saying Wednesday:

We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets. We are working towards this in the context of the German presidency of the G7.

“The problem is known and we are working on it,” Lindner said in an interview with Welt TV on Wednesday. He explained that “It’s about maximally isolating  at all levels” and having a “maximum ability to sanction,” which he said includes crypto.



This week, the U.S. Treasury Department also said that it is monitoring n efforts to use crypto to evade sanctions. “We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them,” said Treasury Secretary Jenet Yellen.







A growing number of countries and organizations are placing sanctions on  since its invasion of e. They include cutting selected n banks from the SWIFT messaging system, rendering them isolated from the rest of the world.



The 27 EU countries have imposed four sanctions packages on Moscow, including freezing Bank of ’s assets and disconnecting seven n banks from the SWIFT financial-messaging system.



The European Union will include cryptocurrency in its sanctions against , French Finance Minister Bruno le Maire confirmed this week after a meeting of EU finance ministers. He told a news conference:

We are taking measures, in particular on cryptocurrencies or crypto assets which should not be used to circumvent the financial sanctions decided upon by the 27 EU countries.

The French finance minister added that the sanctions against  have been very effective, stating that it has disorganized the n financial system and paralyzed the Bank of ’s ability to protect the ruble. The n currency fell more than 30% this week.



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Source: G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions