The European Union (EU) is preparing to take additional measures against cryptocurrencies to prevent breaches of economic sanctions imposed on Russia.

The European Union is preparing to take action against cryptocurrencies
European Union

Finance ministers of 27 EU member states met to discuss the Russia-Ukraine war.

“We have decided to work on additional measures to further increase the effectiveness of the sanctions imposed on Russia and to prevent any circumvention of the measures agreed by the 27 member states,” said Bruno Le Maire, the French Minister of Finance, the Presidency of the EU. said.

Pointing out that cryptocurrencies should not be used to circumvent financial sanctions against Russia, Le Maire said, “We are taking precautions especially regarding cryptocurrencies or crypto assets.” he said.

Cryptocurrency specific report

Pointing out that a special report on cryptocurrencies was prepared by the European Central Bank (ECB) President Christine Lagarde and her institution, Le Maire said, “We have prepared all measures to prevent the possibility of the sanctions being exceeded through crypto assets.” used the phrase.

Valdis Dombrovskis, Senior Vice President of the EU Commission, said: “We decided that we need to take new measures on cryptocurrencies.” said.

Pointing to the increase in the volume of transactions in cryptocurrencies and assets, Dombrovskis said that there may be attempts to avoid sanctions through these.

Dombrovskis noted that they will consider the issue of cryptoassets and, if necessary, take strict measures against it.

Gas and electricity prices will remain high

Noting that the issue of inflation and energy prices in Europe was also discussed at the meeting, Dombrovskis said, “We expect gas and electricity prices to remain high this year as well.” made its assessment.

Dombrovskis added that the new energy plan prepared by the EU Commission will be announced next week.

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