The European Union (EU) has strengthened sanctions against Russia in the cryptocurrency sector after two years. According to CoinDesk, the EU has introduced a complete ban on virtual asset service providers (CASPs) and platforms within Russia, and has also blocked the digital ruble (CBDC) and the ruble-pegged stablecoin RUBx. This measure comes amid concerns that Russia is increasing its reliance on cryptocurrencies as a means to circumvent sanctions. The sanctions target 20 Russian banks, financial institutions linked to the SPFS payment network, and the Kyrgyz exchange Tengri Coin, among others. Additionally, EU residents are prohibited from transacting with Russia- and Belarus-based cryptocurrency and DeFi platforms, and from providing MiCA-regulated services.
