The European Council of the EU announced the 8th package of sanctions against Russia on October 6 following its actions of aggression against Ukraine.
The new sanctions that will be imposed on Russia will prohibit its citizens from owning any crypto wallets, accounts and custody services of crypto assets.
It even bans services such as IT consulting, legal advisory, architecture and engineering services that are related to the Russian government.
Meanwhile, export and import restrictions, the implementation of G7 oil price limits and restrictions on state-owned enterprises were also implemented while senior military officers and propagandists were put to action.
It is understood that the new restrictions in Russia have made its citizens unable to access all crypto services even though the EU previously allowed them to have 10,000 Euros in the digital asset wallet.
Therefore, the Council is confident that its actions will paralyze Russia's military and industrial spirit in invading Ukraine.
In context, the Russia-Ukraine war pushed inflation to record highs after energy and commodity prices soared, including the crypto market and global equities will suffer a severe fall.
Meanwhile, Russia is likely to allow cryptocurrency mining soon after seeing the potential of digital assets as a new need in its economy.
