European Union: Adopted Council of the European Union eighth package of sanctions against Russian including cross-border crypto payment restrictions

On 6 October 2022, the Council of the European Union adopted the eighth package of sanctions against Russia as a result of the conflict in Ukraine. The sanctions include a ban on the provision of all crypto-asset wallets, accounts, and custody services to Russian individuals or residents, regardless of crypto-asset value. Previously, transactions involving a crypto-asset value of up to EUR 10’000 were allowed.