EU intensifies clampdown on Russian crypto executives with new sanctions

Earlier this week, the EU announced caller sanctions against Russian nationals starring cryptocurrency firms and projects.

The applicable conception of the caller sanctions list, published connected Dec. 18, reads:

” … Today’s determination includes a prohibition connected Russian nationals from owning, controlling oregon holding immoderate posts connected the governing bodies of the ineligible persons, entities oregon bodies providing crypto-asset wallet, relationship oregon custody services to Russian persons and residents.”

The notation of “accounts” implies that Russian nationals are barred from starring crypto exchanges and trading platforms, though the nonstop relationship services that autumn nether the scope of the prohibition are not afloat explained successful the notice.

The existent batch of sanctions is the EU’s twelfth bundle against Russia and is intended to bounds circumventions of earlier crypto-related sanctions. The EU antecedently prohibited the proviso of crypto wallets and different services to Russian individuals successful its eighth sanctions bundle successful October 2022. However, it did not prohibition individuals from holding cardinal roles successful crypto companies astatine the time.

The latest anti-circumvention goals person been successful advancement since astatine slightest March 2023. At that time, Reuters reported that the EU intended to present caller rules to forestall Russia from circumventing sanctions with cryptocurrency.

Certain Russian nationals look charges elsewhere

Outside of the EU, definite Russian nationals progressive successful cryptocurrency concern operations person faced sanctions and transgression prosecution.

Notable Russian nationals who person led cryptocurrency services see BTC-e founders Alexander Vinnik and Aleksey Bilyuchenko and Bitzlato proprietor Anatoly Legkodymov. Legkodymov pleaded blameworthy to charges successful the U.S. connected Dec. 6. Vinnik and Bilyuchenko were charged successful the U.S. successful June; Vinnik was antecedently sentenced by courts successful France. Both BTC-e and Bitzlato person been unopen down.

Another applicable idiosyncratic is Roman Semenov, a Russian nationalist who co-founded the decentralized coin mixer Tornado Cash. The U.S. Department of Justice (DOJ) charged but was incapable to find Semenov successful August 2023. The U.S. Treasury additionally sanctioned Semenov astatine that time.

The station EU intensifies clampdown connected Russian crypto executives with caller sanctions appeared archetypal connected CryptoSlate.