EU intensifies clampdown on Russian crypto executives with new sanctions
Dec. 20, 2023
By Mike Dalton
Earlier this week, the EU announced new sanctions against Russian nationals leading cryptocurrency firms and projects.
The relevant section of the new sanctions list, published on Dec. 18, reads:
” … Today’s decision includes a ban on Russian nationals from owning, controlling or holding any posts on the governing bodies of the legal persons, entities or bodies providing crypto-asset wallet, account or custody services to Russian persons and residents.”
The mention of “accounts” implies that Russian nationals are barred from leading crypto exchanges and trading platforms, though the exact account services that fall under the scope of the ban are not fully explained in the notice.
The current batch of sanctions is the EU’s twelfth package against Russia and is intended to limit circumventions of earlier crypto-related sanctions. The EU previously prohibited the provision of crypto wallets and other services to Russian individuals in its eighth sanctions package in October 2022. However, it did not ban individuals from holding key roles in crypto companies at the time.
The latest anti-circumvention goals have been in progress since at least March 2023. At that time, Reuters reported that the EU intended to introduce new rules to prevent Russia from circumventing sanctions with cryptocurrency.
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