The European Union made it a point to say that nations controlling or owning crypto service providers under the 12th package of the bloc’s restrictive measures against the whole country.
As per the EU, diamonds that were entering, it will need to be traced from “the mine to the finger.” Moreover, this is actually to be done with the help of blockchain.
New Package Seeks To Combat Sanctions Circumvention
The EU announced on 18th December that it had actually adopted a brand new package of individual and economic sanctions. Now, the package bars Russian nationals from controlling or owning cryptocurrency service providers.
This ban became a part of the European Union’s attempt to actually restrict the “circumvention of the prohibition” on the basic provision of services related to the cryptocurrency that was already imposed.
As per the EC, the latest sanctions package tries to fulfill the key objective of the EU of “finding a just and lasting peace, not another frozen conflict.” In the official document answering important questions related to Russian sanctions, the EC kept insisting that the sanctions policy of the EU already has a significant impact on the entire Russian economy.
In fact, EC’s sanctions include a huge depreciation of the whole ruble, leading to a rise in the interest rates to 15% from 8%, including relatively tighter controls. However, some leaders of the EU, as well as critics of the present regime, believe that “the growing trade figures for some specific products/countries” might be a big indication that Russia is succeeding or attempting actively to circumvent the different sanctions.