The European Union imposes financial sanctions on Russia, including banning all cryptocurrency transactions for Russian residents and restricting dealings with foreign banks linked to Russia’s alternative payment systems. This marks the first time digital asset services have been directly targeted in the EU’s 19th sanctions package.

In response to Russia’s drone and missile attacks on Ukraine, the EU is seeking to block transactions with entities in Russian special economic zones. Russian oil companies reportedly used digital assets like Bitcoin and Tether to circumvent sanctions. The US charged a Russian national with laundering over $540 million through crypto companies.

Ukraine is considering establishing a national Bitcoin reserve to enhance financial resilience amid the conflict. Lawmakers are finalizing a draft bill for the proposal, aiming to create crypto reserves as a national strategy. Bitcoin has gained recognition as a national reserve asset following initiatives in the US and Sweden to consider adopting it.

Read more at Cointelegraph: EU Sanctions Seek to Block Russian Crypto Platforms For First Time