EU Proposes Complete Ban on Cryptocurrency Transactions Linked to Russia to Block Sanction Evasion

The European Union (EU) is considering a proposal to completely ban all transactions with cryptocurrency operators based in Russia as part of its efforts to strengthen economic sanctions against the country. According to internal documents reported by the Financial Times (FT), this proposal aims to close the 'loopholes' that have allowed for increasingly sophisticated evasion of sanctions, moving beyond targeting individual companies. The reports indicate that as sanctioned entities continually establish successor organizations to circumvent regulations, targeting individual operators has proven ineffective. To end this 'whack-a-mole' scenario, the EU authorities are now proposing a comprehensive...