The European Commission has just unveiled a new package of sanctions aimed at further destabilizing the Russian economy and weakening the country’s military capabilities. In particular, Brussels wants to completely ban cryptocurrency transactions for Russian citizens on European territory, without specifying how it intends to go about it.
The European Union toughens the tone with Russia
The European Union has just unveiled its new batch of sanctions against Russia in the context of the conflict between the latter and Ukraine.
According to the press release, these new sanctions should deal a blow to the Russian economy in the amount of 7 billion euros on its imports and exports. It should be noted in particular that the EU is also tightening the screws on the use of cryptocurrencies by Russian citizens.
Indeed, until today, Russians could make cross-border payments between Russia and European territory with a limit of 10,000 euros. This possibility has therefore been revokedthe tolerated level now being zero.
Note that in its announcement, the European Commission did not specify how it intended to monitor these transactions. and even less how she would go about blocking them.
A decision which contrasts with the bill on cross-border payments of Russia recently evoked at the end of a joint agreement between the Ministry of Finance and the Central Bank of the country. Historically hostile to the use of cryptocurrencies in order to favor the hegemony of the rouble, the latter found itself forced to reconsider its position given the sanctions against it and against Russian banks (notably their eviction from the SWIFT network).
Last month, Alexei Moiseevthe Russian Deputy Finance Minister, had even declared that there was ” no way to do without cryptocurrencies for cross-border payments “.
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Additional economic measures
The aim of the European actors is clear: to harm all of Russia’s support and destabilize the latter’s military support.
Thus, beyond just Russian citizens, the EU also wants to target people and entities “involved in” illegal annexation ” and ” mock referendums » areas recently annexed to Russia, namely Donetsk, Luhansk, Kherson and Zaporizhzhia. The sanctions also concern senior officials, the military, companies supporting the Russian armed forces or even “ disinformation actors “.
Export sidethe EU will henceforth and for an indefinite period ban the trade in coal, certain electronic components, certain parts useful for Russian aviation, or even certain chemical products and light weapons.
Members of the European Union will also have to stop their imports from Russia for everything related to finished and semi-finished steel products, plastics, vehicles, textiles, footwear, leather, ceramics and some jewelry.
Measures have also been taken with regard to oil imported from Russia, in particular by imposing a price cap on the latter from December. All the measures taken by the European Union against Moscow can be found in the press release available at the bottom of this article.
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Source: European Commission
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