British Crypto Company Sends IDR 65.6 Billion in Crypto Related to Russian Arms Trade

As previously reported, the European Union (EU) announced on December 18 2023 that it had adopted a new package of economic and individual sanctions. The package now prohibits Russian citizens from owning or controlling crypto service providers.

Reporting from Bitcoin.com, Friday (22/12/2023), this ban is part of the EU's efforts to limit circumvention of the ban on the provision of crypto-related services that has been implemented.

According to the European Commission (EC), this new sanctions package seeks to fulfill the EU's main goal of finding a just and lasting peace, not frozen conflict.

In a document that answers key questions about Russia sanctions, the European Commission insists the EU's sanctions policy has had the desired impact on the Russian economy.

Some of the sanctions successes claimed by the European Commission include a massive depreciation of the ruble, an increase in interest rates from 8% to 15%, as well as tighter capital controls.

However, some EU leaders and critics of the current sanctions regime believe increased trade figures for certain products or countries may be an indication that Russia is actively seeking or successfully evading the sanctions.

Using Blockchain to Track Diamonds Economist Robin Brooks, for example, has repeatedly accused the Greek shipping oligarchy of actively seeking to undermine the G7's oil price cap policy.

In response to the criticism, the EU has introduced new requirements forcing parties in the Russian oil supply chain to share price information for additional costs, such as insurance and freight on request.

Meanwhile, the EU through its twelfth package of restrictive measures against Russia has taken steps to prevent the country's diamonds from entering the G7 market after the ban takes effect on January 1, 2024.

By taking this step, diamonds must now be traced from their source and this is set to be done using blockchain.