The EU stated that cryptocurrency assets fell under the category of “transferable securities” and are thus clearly covered in the scope of sanctions.
The European Union (EU) has said unequivocally that sanctions against Russia and Belarus include digital assets.
Crypto assets are classified as “transferrable securities,” and as such are plainly included in the scope of sanctions imposed on Russia for its invasion of Ukraine and on Belarus for its involvement.
“Loans and credit can be extended in a variety of ways, including through the use of crypto assets,” the EU stated on Wednesday.
Additionally, the EU announced an increase of existing financial sanctions against Belarus to match those already in place against Russia.
These include limits on the provision of SWIFT services to three Belarusian banks and their subsidiaries, prohibition of transactions with the Belarusian Central Bank, and prohibition of the list of securities relating to Belarus state-owned firms’ shares on EU trading exchanges.
Concerns have been expressed by US politicians that Russia could utilise crypto to circumvent sanctions, but the extent to which this is the case is debatable.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.