EU Targets Crypto Payment Network, Blacklists Several Providers Amid Russia Sanctions
The European Union has expanded its sanctions on Russia by targeting the A7 payment network and its connections to Africa, as well as several crypto service providers. The EU claims that the A7 network was designed to help Russia circumvent international sanctions.
The A7 network is estimated to have processed almost $120 billion in transactions since its inception. The EU has also blacklisted 17 other crypto service providers, including HTX (formerly known as Huobi Global), which was previously sanctioned by the UK for allegedly supporting the Russian government with financial services and funds from sanctioned companies.
The new sanctions package allows the EU to block transactions between European companies and foreign crypto service providers if they are used by Russia. This move follows the introduction of a comprehensive cryptocurrency regulation framework in Russia, which will come into effect on September 1.