The sanctions decided by the EU are putting the Russian financial system under pressure. However, bypassing by unregulated crypto assets should be prevented.
The EU wants to impose further sanctions on Russia because of the war in Ukraine.
“In particular, we will take action on cryptocurrencies, which must not be used to circumvent the financial sanctions decided by the European Union,” announced French Finance Minister Bruno Le Maire after a special online meeting of EU finance and economy ministers on Wednesday .
Le Maire said the financial sanctions that had been passed against Russia were already very effective and had led to a “disorganization” of the Russian financial system.
“We will increase the pressure if the Russian leadership does not give in,” said Federal Finance Minister Christian Lindner (FDP). According to Lindner, measures should therefore be taken to prevent people and institutions who have already been sanctioned from switching to unregulated crypto assets.
Le Maire also announced that around 600 million euros of aid to Ukraine is expected to be distributed on March 15. Overall, the EU wants to provide the Ukrainian government with 1.2 billion euros. In view of the threat posed by Russia, the loan emergency aid is primarily intended to secure Ukraine’s economic and financial stability.
Commission Vice-President Valdis Dombrovskis, responsible for the economy, warned of the consequences of the war and the sanctions for the EU economy. “Growth will be hit, we will see an effect on energy prices and supply chains, including commodities,” Dombrovskis said. Prices are likely to remain elevated for longer than expected. “But we are in a strong starting position.” The Commission will present a paper with possible measures against the high energy prices next week, said Dombrovskis.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
