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Russians’ EU Crypto Investments Capped at 10K Euros
Measures set out by the EU aim to stop oligarchs circumventing financial sanctions on conventional bank accounts.
Updated May 11, 2023, 4:28 p.m. Published Apr 8, 2022, 7:09 p.m.
Russian payments to EU crypto wallets will be capped at €10,000 ($10,900) under sanctions measures published in the European Union's official journal Friday.
The limit is intended to stop wealthy Russians from circumventing a cap on investing in the EU introduced in the wake of the Ukraine invasion.
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The measure was set out in broad terms by the European Commission earlier Friday, and the full details of the legislation have now been disclosed. The law prohibits providing high-value crypto wallet, account or custody services above the limit to Russian people or entities, with an exemption for those who are EU nationals or residents.
Sanctions measures introduced Feb. 25, the day after the invasion, forbid Russians transferring more than €100,000 to EU bank accounts. Officials chose a lower limit for crypto transactions.
European Central Bank President Christine Lagarde recently warned crypto was being used to evade sanctions, despite little evidence.
In an FAQ posted April 4, the commission said crypto was included in existing asset freezes, and on March 9 the bloc extended the definition of "transferable securities" to include virtual assets.
Read more: EU Bans Providing High-Value Crypto Services to Russia
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