In a statement French Finance Minister Bruno le Maire said, the European Union aims to find ways to ensure that Russia does not use crypto currencies to circumvent EU sanctions.

The European Union has fired three salvos of economic sanctions against Russia over its invasion of Ukraine, which includes the freezing of assets of the Russian central bank and disconnecting several large Russian banks from SWIFT.

“We are taking measures, in particular on crypto currencies or crypto assets which should not be used to circumvent the financial sanctions decided upon by the 27 EU countries,” said Le Maire after talking to his EU counterparts.

He went on to add, sanctions against Russia were very effective. They have paralyzed the Russian central bank’s ability to protect the rouble, and have caused disarray in the Russian financial system.

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