The main objective of this enforcement measure is to prevent any possible circumvention of the existing international sanctions, as stated in an official announcement by the European Parliament. Under these new measures, Russian citizens are prohibited from owning, controlling, or holding any positions in the governance of legal entities, organizations, or bodies involved in providing cryptocurrency services.
Furthermore, the ban extends to operators of cryptocurrency wallets and digital asset custody services.
Alongside these restrictions, the twelfth package of sanctions also introduces a mandatory notification requirement for the transfer of funds outside of EU countries by legal entities established within the EU, if those entities are directly or indirectly controlled by more than 40% Russian individuals or entities established in Russia.
It is anticipated that these new sanctions will take effect immediately upon their publication in the Official Journal of the European Parliament.
Notably, ATAIX Eurasia, a licensed cryptocurrency exchange based in Kazakhstan, has already urged Russian users to close their accounts by December 15th this year. The company cited EU sanctions as the reason it can no longer provide services to Russian individuals and entities, including both citizens and residents, as well as registered legal entities in the Russian Federation.