The EU ban on Russian crypto what is it and is it even enforceable?

The EU’s Council on Thursday announced the 8th package of sanctions against the Russian Federation. The new package tightens existing prohibitions on crypto assets by banning all crypto wallets, accounts, and custody services to citizens, individuals, and entities in the Russian Federation. It also bans other services including IT consultancy, legal advisory, architecture, and engineering services to the government and entities of the Russian Federation.

The EU’s Council on October 6 passed the 8th package of sanctions against Russia for its "aggression" on Ukraine. Fresh sanctions on the Russian Federation include a blanket ban on all crypto-asset wallets, accounts, and custody services offered to Russians, as well as individuals or entities in Russia. The EU had allowed Russians to have small to mid investments of 10k or less but the new sanctions ban access to all crypto services.

The new sanctions increase the ban on services including IT services, legal services, architecture, and engineering services. The Council believes it will further weaken Russia’s military and industrial components, with hopes of potentially slowing its aggression against Ukraine however despite all this the EU continues to ensure that its sanctions do not impact energy and food exports from Russia to outside nations.

Impact of this War on the Crypto Market

The current situation in Ukraine has pushed inflation to new highs as energy and commodity prices skyrocket to record levels. As a result, the crypto market has come under pressure, with prices dropping severely low and only now stabilizing at a possible bottom according to some, is this the end of the freefall only time will tell in my opinion we still have at least one more drop before the bottom but as always, not financial advice. remember always (DCA) and hodl this too shall pass. I have no idea how they plan to enforce this crypto crackdown there is always another way and people out there ready to make a buck but if you have any ideas feel free to let me know id love to hear about it.