EU Puts New Economic & Individual Sanctions Against Russia: Strict Measures Prohibit Crypto Wallet Deposits

1 min read

eu crypto sanctions

For Russia’s continued aggression against Ukraine, the Council of Europe imposed its fifth round of economic and individual sanctions on Friday.

The fifth package of sanctions consists of six elements. A complete ban on the importation of coal from Russia is the first measure. About €8 billion worth of coal is imported by Europe each year. Two other measures include a ban on Russian and Belorussian freight road operators transporting goods by road within the EU, as well as a ban on Russian-flagged sea vessels entering EU ports. 

The European Union targeted crypto wallets, banks, cryptocurrencies, and trusts as part of its fifth package of sanctions against Russia. The purpose was to prevent the Russians from using them to evade sanctions.

Global Crypto Market Update

As of 8:50 a.m., the global crypto market cap decreased by 3.52 percent to $1.95 trillion. In contrast, the global crypto volume was up by 7.93 percent to $89.23 billion, according to Coinmarketcap data. 

The price of the world’s oldest cryptocurrency, Bitcoin (BTC), fell by 3.06 per cent in the last 24 hours to $42,329.41. Ethereum (ETH) dropped by 2.02 per cent to $3,199.79 in the last 24 hours as well.

Investor sentiment is currently oscillating between bullish and bearish. Bitbns CEO and founder Gaurav Dahake says that trading may be flat over the weekend.

Other major coins include Cardano (ADA) down by 5.82 percent at $1.03, Algorand (ALGO) down by 4.78 percent at $0.7692, Binance Coin (BNB) down by 4.02 percent at $422.09, Solana down by 10.24 percent at $109.37, and Polkadot (DOT) also down by 5.11 percent at $19.44.

Sakura Bloom (SKB), up 481.97 percent at $0.00009611, was the day’s top gainer. WonderHero lost the most.

(WND), which dropped by 98.65 per cent to $0.004158.

Crypto Coin Prices

The price of Dogecoin (DOGE) fell by 4.76 percent to $0.142. 0.07884 percent of its market capitalization is made up of DOGE. As of $0.00002381, Rival Shiba Inu (SHIB) was down 4.99 percent.

Dogelon Mars (ELON) fell by 5.57 percent to trade at $0.0000008899, Floki Inu (FLOKI) lost 8.14 percent at $0.00003033, and Samoyed Coin (SAMO) dropped by 4.94 percent at $0.01919. (YFI) was down 6.27 per cent at $20,336.55. However, Terra (LUNA) lost 12.35 per cent to $92.87. In addition, Avalanche (AVAX) lost 5.96 per cent to trade at $83.43, Uniswap (UNI) fell 6.59 per cent to trade at $9.80, and Aave (AAVE) fell 9.2 per cent to trade at $181.78.

Project Khokha PK2

“With these sanctions, along with the previous four rounds of sanctions, we are further increasing the economic pressure on the Kremlin while crippling its ability to finance its invasion of Ukraine,” he said. In addition to this, the measures have been widened and sharpened in a way that will even worsen the economic situation in Russia, as shared in a press release issued by the European Union.

“The second phase of Project Khokha (PK2) explored the impact of DLT on trading, clearing and settlement in a limited proof-of-concept (PoC) environment. The PoC has been limited to the issuance of a South African Reserve Bank debenture on DLT and enabling two DLT-based payment options in the form of a wholesale central bank digital currency (wCBDC) token and a wholesale digital settlement token (wToken),” read the project’s summary report.

Via this site.


Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.