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<p>The European Union has announced its eighth sanction package against  including a complete ban on -originated payments into crypto wallets in Europe.</p><p>In April, the political bloc had pegged <a href="https://www.financemagnates.com/fintech/payments/are-crypto-payments-even-a-thing-or-just-a-dead-gimmick/" target="_blank">crypto payments </a> from  into wallets in the region at €10,000.</p><p>However, the European Commission on Thursday <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5989">announced</a> that the prohibition has been further tightened.</p><p>The bloc said it is "banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet."</p><p>The sanction, which is one of the bloc's several new "hard-hitting" measures, is the EU's response to 's continued <a href="https://www.financemagnates.com/tag/e/" target="_blank">war on e</a> and attempt to annex the Donetsk, Luhansk, Kherson and Zaporizhzhia regions of e.</p><p>Others measures are the sanctioning of more individuals and entities, extension of restrictions to the oblasts of Kherson and Zaporizhzhia, and new export restrictions.</p><p>Furthermore, the new measures include new import restrictions worth €7 billion, introduction of the <a href="https://www.bundesfinanzministerium.de/Content/EN/Downloads/G7-G20/2022-09-02-g7-ministers-statement.pdf?__blob=publicationFile&v=9">G7 oil price cap</a> on n oil, and new listing criterion to punish persons who facilitate the infringements of the prohibition against circumvention of sanctions.</p><p>"This package - which has been closely coordinated with our international partners - responds to 's continued escalation and illegal war against e, including by illegally annexing ian territory based on sham 'referenda', mobilising additional troops, and issuing open nuclear threats," the <a href="https://www.financemagnates.com/tag/european-commission/" target="_blank">European Commission</a> explained in a statement.</p><p>The SWIFT Sanction</p><p>In March, the EU <a href="https://www.financemagnates.com/institutional-forex/eu-bans-7-n-banks-from-accessing-swift/">banned seven n banks</a> from accessing the Society for Worldwide Interbank Financial Telecommunications (SWIFT).</p><p>SWIFT is an international messaging system that allows banks all over the world to send messages and communicate about cross-border payments securely and instantly.</p><p>The banned n banks were VTB, Bank Otkritie, Bank Rossiya, Sovcombank, Novikombank, VEB, and Promsvyazbank.</p><p>"At the speed of light, the European Union has adopted three waves of heavy sanctions against 's financial system, its high-tech industries and its corrupt elite," the President of the European Commission, Ursula von der Leyen said.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.