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EU sanctions Russian crypto exchange Garantex over Ukraine conflict ties
In a move aimed at closing financial loopholes and punishing Russia for its involvement in the ongoing Ukraine conflict, the European Union has taken direct action by sanctioning a major Russian cryptocurrency exchange. This marks a significant shift in EU policy, as it is the first time that a crypto-related entity has been directly targeted by the bloc.
Garantex, which offers various digital currency services, including exchange and trading, was reportedly designated for its alleged ties to Russia’s defense ministry and intelligence agencies involved in the Ukraine conflict. The sanctions aim to restrict Garantex’s ability to engage in transactions within the EU, effectively severing its connection to European financial institutions.
This development highlights the growing importance of cryptocurrency and blockchain technology in international relations. As global tensions continue to rise, it is crucial for governments to ensure that these technologies are not exploited by rogue regimes to finance illicit activities or circumvent sanctions.
The decision demonstrates the EU’s commitment to protecting its economic sovereignty and upholding its values by not allowing any entity to profit from the conflict without consequences.
Source: https://cryptoslate.com/crypto-transfers-are-reportedly-suffering-restrictions-in-europe/
