New sanctions against Russia over its conflict with Ukraine received final EU approval Today. The EU’s eighth sanctions package aims to reduce Russian product sales revenue.

This package includes new export restrictions that will further deny the military and industrial complex of the Kremlin essential parts and technologies, as well as new import bans from the EU worth €7 billion to reduce Russia’s earnings.

According to the new EU sanctions regulation, the sanctions package “extends the list of restricted items which might contribute to the Russian Federation’s military and technological advancement or to the development of its defense and security sector.”

A Complete Ban Has Been Announced

Crypto entered the package of restrictive economic and political measures imposed on Russia. The restrictions up until now only permitted payments of up to 10,000 Euros (approximately $9,900) in Russian cryptocurrency to European wallets. 

The most recent pronouncement, however, states that there would be a total ban.

The official statement made note of the same and added that the existing restrictions on crypto assets have been tightened by prohibiting all crypto-asset wallets, accounts, or custody services, regardless of the wallet’s value.

Crypto Regulations in Russia Has Been Beneficial

Since sanctions have been put in place against Russia, cryptocurrency has saved the day. A measure allowing the use of cryptocurrency for cross-border settlements was approved by the Russian Central Bank and the Ministry of Finance before the end of September.

Alexei Moiseev, the deputy finance minister of Russia, announced the plan at the time, stating that its goal was to give Russians access to cryptocurrency wallets. Additionally, he said that the government made the decision to limit Russians opening cryptocurrency wallets outside of the nation.

In fact, Anatoly Aksakov, the head of the financial committee in the lower house of the Russian parliament, recently said that “digital direction” was crucial for Russia since it allows for the circumvention of systems run by adversarial nations.

To date, Russia has relied on digital assets like cryptocurrency to help it avoid sanctions. However, according to the most recent EU blanket ban, the nation will need to keep looking for substitute ways to do transactions.