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Russians’ EU Crypto Investments Capped at 10K Euros
Measures set out by the EU aim to stop oligarchs circumventing financial sanctions on conventional bank accounts.
Russian payments to EU crypto wallets will be capped at €10,000 ($10,900) under sanctions measures published in the European Union's official journal Friday.
The limit is intended to stop wealthy Russians from circumventing a cap on investing in the EU introduced in the wake of the Ukraine invasion.
STORY CONTINUES BELOW
The measure was set out in broad terms by the European Commission earlier Friday, and the full details of the legislation have now been disclosed. The law prohibits providing high-value crypto wallet, account or custody services above the limit to Russian people or entities, with an exemption for those who are EU nationals or residents.
Sanctions measures introduced Feb. 25, the day after the invasion, forbid Russians transferring more than €100,000 to EU bank accounts. Officials chose a lower limit for crypto transactions.
European Central Bank President Christine Lagarde recently warned crypto was being used to evade sanctions, despite little evidence.
In an FAQ posted April 4, the commission said crypto was included in existing asset freezes, and on March 9 the bloc extended the definition of "transferable securities" to include virtual assets.
Read more: EU Bans Providing High-Value Crypto Services to Russia
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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