Towards the end of February, Russia started to organize a military operation against Ukraine and was on the agenda of the whole world. After that, sanctions against Russia came from many countries and companies. After that, it was stated that cryptocurrencies could also come into play here, and that the Russians could turn to these currencies to avoid sanctions. There has been a move from the European Union on this issue.
This sanction will hinder the financing of the invasion
It was also stated that in these decisions, which are in the EU’s sanctions package against the country, a transaction ban was imposed on four banks that make up 23% of the banking sector in Russia. In a statement regarding the decisions, the officials said, “These sanctions, which will deeply affect the Russian economy, will contribute to increasing the economic pressure on the Kremlin and will hinder the financing of the invasion.”
In the statements, it was stated that this decision, which is included in the sanctions package, was taken due to concerns about the possibility of Russians moving their money abroad with the help of crypto wallets to avoid other sanctions. This showed that all European Union-based cryptocurrency exchanges and wallets will be banned in Russia.
