European Union imposes sanctions on Russia's Garantex Exchange

The European Union has stepped up its actions against Russia in the cryptocurrency sector by applying direct sanctions to the Garantex exchange, a platform originating from Russia. This initiative sets a precedent, as it is the first time that a Russian cryptocurrency exchange has been blocked from the European financial system, a measure that falls within the European bloc's sixteenth package of sanctions.

The main objective of these sanctions is to inhibit Russia's ability to use the cryptocurrency market to circumvent previously imposed financial restrictions. Garantex was singled out for processing transactions for entities and individuals that were already on the EU sanctions list.,(Source: PortalCripto)$ADA