As part of the 14th package of sanctions against the Russian Federation, the European Union has banned transactions with banks and cryptocurrency services from third countries that facilitate transactions with the Russian military-industrial complex.
In a press release, the EU Council explains that any transactions with the Russian Federation related to dual-use goods and technologies, sensitive and military goods, firearms and ammunition are subject to restrictions.
Also, European companies and their divisions in third countries are prohibited from working with the SPFS (an analogue of SWIFT from the Bank of Russia) and organizations using it.
In addition, the new package provides:
ban on the re-export of Russian liquefied natural gas through European ports;the ban on the import of helium from the Russian Federation and the export to the Russian Federation of goods that strengthen its industrial potential, including rare earth metals, plastics, earthmoving machines and electrical equipment;a ban on entry to trucks of operators belonging to Russians by more than 25%;prohibition of private air travel for Russian individuals, companies and departments;banning European political parties and media from receiving funding from the Russian Federation;restriction of access to three Russian media outlets in the EU — RIA Novosti, Izvestia and Rossiyskaya Gazeta;personal sanctions against 116 individuals and legal entities.The restrictions come into force on June 25.
Recall that in April 2022, the EU banned crypto companies from providing services related to digital assets to residents of the Russian Federation whose deposits exceed the amount of € 10,000.
Later, the European Parliament completely ruled out the possibility of servicing their cryptocurrency wallets in the eurozone and owning any amount of such assets.
Also, the EU, along with the United States, imposed sanctions against a number of Russian banks, effectively banning transfers from cards issued by them.
In December 2023, the European Union banned Russians from owning, controlling or holding any positions in the management bodies of companies providing cryptocurrency services.
In March 2024, the EU approved criminal sentences for circumventing sanctions using cryptocurrencies.