The conflict between Ukraine and Russia has lasted exactly 7 months and 14 days. What was considered a simple war of territory and sovereignty now seems to take on an international dimension. Strongly criticized and reported by international organizations (including the UN), Russia is currently subject to several restrictions. For its part, the European Union announced on 6 October the entry into force of a new series of sanctions against the country (including all Russian citizens and entities). A penalty applied very quickly by NFT platforms.
And the new sanctions imposed by the EU?
After weeks of consultation, EU member countries have reached a common sanction. This is the eighth round of sanctions imposed by this entity in response to the Russian military intervention in Ukraine. Again, it targets the Russian economy. More explicitly, the sanctions mainly concern the cryptocurrency market.
Since October 6, the European Union has effectively prohibited its member countries from providing cryptographic services to Russian entities and / or Russian citizens. More concretely, sanctions target money transfers to and from Russian crypto wallets, NFT accounts, and custodial services. The purpose of this move is to limit cryptocurrency payments from Russia to EU member countries and vice versa. Note that these were valued at around € 10,000 in April.
EU sanctions: the accounts of the NFT platform Dapper Labs affected
In its statement Dapper Labs clearly states that the suspension of payment services concerns holders of NFT accounts (non-fungible tokens) linked to Russia or more precisely accounts traced in Russia. “It is now prohibited to provide cryptocurrency wallets, accounts or custody services of any value to accounts with ties to Russia. “she declared.
Dapper Labs is the NFT platform behind Crypto Kitties and NBA Top Shot. However, the collective points out that the accounts were not closed in any way. This means that affected users will still be able to view and access their accounts. Duly purchased NFTs will also remain intact. On the other hand, they will not be able to sell or buy NFTs. They also won’t have the ability to move funds. This new measure also applies to simple gift vouchers.
Just last month, Russia planned to legalize cryptocurrency across its territory. Even better, he is currently working on a project: the launch of the digital ruble, a blockchain-based cryptoruble. While very promising, this project now looks really compromised due to the numerous restrictions that are tightening around Russia. Of course, the Putin administration should react to this new “attack”. Especially since other NFT platforms will soon adopt this measure. Keep on…
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years. I discovered trading and cryptocurrency just a few years ago. But it is a universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer in my spare time, I also cultivate a great passion for music and reading (and animals!