Shock to Russia, EU bans crypto payments

Due to the ongoing war between Russia and Ukraine for the last several months, many countries are being affected. Many countries have also imposed sanctions on Russia for attacking Ukraine. The European Union (EU) has also completely banned all cryptocurrency transactions involving Russia in this episode.

A post from the EU states, “Existing restrictions on crypto assets have been tightened and all crypto wallets, accounts and custody services linked to Russia are banned. There will be no amount limit for this.” ” EU regulators say the sanctions against Russia are aimed at stopping the supply of critical components to Russia’s military and industry. Recently, the Russian government allowed the use of virtual digital assets for payments abroad. Last month, Russia’s deputy finance minister Alexei Moiseev said the central bank had agreed to allow the country’s people to receive and send payments abroad using cryptocurrencies.

Moiseev said, “We have agreed a bill with the central bank. It explains how to buy cryptocurrency, how it can be bought and how it can be used for payments abroad.” Earlier in July, Russia’s financial monitoring agency Rosfinmonitoring reported that it was using software to track cryptocurrency transactions. This will help protect the people of the country from financial risks. Recently Russia’s Roskomnadzo Media Monitoring Agency alleged that OKX crypto exchange is spreading false financial information and can cause financial loss to people.

Ukraine is getting help from many countries including America in this war. Some of its agencies are also being given financial help from abroad in the form of cryptocurrencies. Ukraine is suffering heavy losses in the war. To increase its strength, it has sought arms as well as financial help from the countries involved in NATO.

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