EU considers total ban on crypto transactions with Russia

The European Commission is reviewing a complete ban on cryptocurrency transactions with Russia, the Financial Times reported. The move is based on concerns that the Russian government is using crypto to evade economic sanctions. The commission is pushing to prohibit transactions with Russia-based crypto service providers and platforms. The proposed measure would also cover Russian-linked crypto institutions spun off from local platforms and would ban digital ruble transactions. The proposal is part of a broader EU sanctions package against Russia and requires unanimous approval from member states to be enacted.