EU is ‘taking measures’ against Russia using crypto to bypass sanctions, say finance ministers

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Crypto has been on many lawmakers’ lips in the last six days following Russia’s military efforts in Ukraine.

Economy and finance ministers representing nations in the European Union have said they will address Russia’s potential use of cryptocurrencies to evade sanctions imposed on it following its operations in Ukraine.

Speaking to reporters through an interpreter following an informal video conference of EU economy and finance ministers on Wednesday, France’s finance minister, Bruno Le Maire,lawmakers had already worked to freeze “a significant amount of the assets” in Russia’s central bank as part of its efforts to financially penalize the country over its ongoing efforts in Ukraine.

“We are taking measures, in particular on cryptocurrencies or crypto assets, which should not be used to circumvent the financial sanctions,” said Le Maire. “We will be taking stock on a daily basis with regard to the implementation of these sanctions, their effectiveness and any additional measures which may be needed. When it comes to economic and financial sanctions, we want to remain flexible and mobilized.

 

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