EU Imposes Sanctions on Digital Currencies and Crypto Entities in Belarus and Russia

The European Union has introduced new sanctions on Belarus and Russia, aiming to restrict their access to digital currencies and crypto services.

The measures, which will take effect on May 24, include bans on transactions with central bank digital currencies (CBDCs) issued by the two countries. The list of CBDCs affected includes the Belarusian digital ruble and RUBx, as well as the Russian digital ruble.

In addition to the ban on CBDC transactions, the EU has also prohibited dealings with entities providing crypto-asset services in Belarus and Russia. However, certain exceptions apply, such as for transactions necessary for diplomatic missions or by EU citizens residing in the countries before February 24, 2022.