The European Union is considering a veto on crypto transactions with Russia. The objective is to close the loopholes that allow Moscow to evade international sanctions. According to documents obtained by the Financial Times, the proposal specifically seeks to block entities operating as successors to already-sanctioned platforms used to finance the conflict in Ukraine.
This measure directly impacts the digital asset ecosystem, as it aims to halt the flow of capital through platforms such as Garantex, which moves a large portion of volume toward restricted jurisdictions. Furthermore, the proposal warns of the risk of trade triangulation in neighboring countries, where the exchange of dual-use goods and crypto-assets has shown suspicious growth of up to 1,200%.
The next step for the approval of these restrictions depends on the unanimous consensus of the 27 member states, although the report indicates that three nations have reservations about the execution of the blockade. The market should closely monitor the final resolution, as a positive consensus would redefine the governance of exchange platforms and the control of cross-border transfers in the region.
Source:https://www.ft.com/content/c225a2dd-2bbb-4123-899c-0e5394a8d8e7
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