The EU issues the fifth sanction to block deposits in cryptocurrency wallets

Russia's attack on Ukraine continues to bring harm not only to the citizens of Ukraine but also to the citizens of Russia.

The sanctions imposed on the country in response to Russia's "special military operation" have broken the country's economy, and it appears that the European Union (EU) intends to make matters worse for them.

Russia sanctioned. Again!

Released today, the fifth package of sanctions against the Russian Federation targeted a more specific set of goods and services to further disrupt the country's financial system.

This series of sanctions attacked coal and import bans, adding another $ 6 billion worth of products to the already embargoed list, including cement, rubber products, wood, spirits and more.

In addition to this, another 10 billion euros (10,86 billion dollars) of targeted export bans have been announced, which will include advanced semiconductors.

These advanced semiconductors could also include those used for cryptocurrency mining, and by doing so, the EU could make it difficult for Russia to own and operate any crypto to escape sanctions. 

As it is, many countries have already ensured the freezing of Russian accounts and the elimination of any possible escape routes.

As reported by FXEmpire, the white house has asked cryptocurrency exchanges to follow the same strategy.

Following in the footsteps of other countries, Japan has also ordered its cryptocurrency exchanges to comply with sanctions against Russia and has also announced sanctions for cryptocurrency exchanges that have not done so.

Thus, in line with the same, the EU announced an extended ban on cryptocurrency deposits today, making it even more difficult for people to use crypto in Russia.

Furthermore, in the official announcement, the EU said:

“The Commission also welcomes the fact that another 217 individuals and 18 entities have now been sanctioned. This includes all 179 members of the so-called "governments" and "parliaments" of Donetsk and Luhansk. In total, 1091 individuals and 80 entities have been sanctioned since 2014 ″.

The flight of Russia

Since fiat has become an impossible escape into the world, the country has turned to crypto. But with many global exchanges blocking sanctioned individuals, these people have been looking for other ways to do so.

One of these includes liquidating their assets in countries that have not completely frozen them.

The Russians have been trying to sell their cryptocurrencies for cash in the United Arab Emirates (UAE) and are also looking to buy real estate to make sense of their money.

In addition to the same, the Russian Deputy Minister of Energy has also called for the legalization of crypto mining so that Russia can get its hands on cryptocurrencies without relying on exchanges, as fiat continues to lose its value.