Russian Crypto Investments Hit 10K EUR: Report

Russian crypto investments hit 10K EUR but the measures set out by the EU still aim to stop oligarchs that avoid sanctions on conventional bank accounts so let’s read more today in our latest cryptocurrency news.

Russian payments to the EU Crytpo wallets reached 10K EUR under the sanction measures that were published in the EU journal on Friday. The limit is intended to stop the wealthy Russians from avoiding the cap on investing in the EU introduced in the wake of the Ukraine invasion. The measure was set out by the European Commission on Friday and the full details of the legislation have been disclosed yet.

The law bans providing high-value crypto wallets with the account or custody services above the limit to Russian people to entities with exemption for those that are EU nationals or residents. The sanctions measures introduced in February after the invasion barred Russians from transferring more than 100,000 EUR to bank accounts but officials chose a lower limit for crypto transactions. The Russian crypto investments were capped at 10,000 EUR but the European Central Bank President Christine Lagarde warned that crypto is used to evade sanctions despite the little evidence.

The commission also said that crypto was included in existing asset freezes and the bloc extended the definition of transferable securities and these including virtual assets.

As recently reported, The EU bans crypto services to Russia as it took more steps to sanction the country following the war in Ukraine. The  EU introduced a prohibition on providing high-value crypto-asset services to the country and it forms part of the fifth package of measures announced against Russia since the invasion of Ukraine started on February 24. The European Commission welcomed today’s agreement to adopt the fifth package of restrictive measures against Russia as a response to the brutal aggression against Ukraine. The new rule will contribute to the closing of potential loopholes according to the press release. The package’s other financial restrictions include a transaction ban and asset freeze on four Russian banks that are cut off from the markets.

This can be done in a few ways like Ransomware. Back in 2021, the ransomware industry generated more profits that Russian-affiliated criminals, and a recent UN report showed that North Korea funded its nuclear ambitions via crypto. The former FBI Agent and director of Threat Intelligence Crane Hassold said that cryptocurrencies are the main factor in today’s ransomware industry.