Europe – In a new step in the escalating economic confrontation between the European Union and Russia, Brussels announced a package of measures aimed at restricting the use of cryptocurrencies within Europe, arguing that Moscow is resorting to this approach as a means of circumventing Western sanctions imposed since the outbreak of the Ukrainian war.
The European Commission explained that the aim of the decision is to close loopholes that allow Russian funds to be transferred illegally or away from traditional banking systems, stressing that digital currencies have become an alternative haven for regimes seeking to circumvent sanctions.
Brussels’ new move comes as Moscow seeks to strengthen its alternative financial instruments and use the ruble and Asian currencies to mitigate the impact of its economic isolation. Analysts believe that the confrontation between the two sides is no longer limited to oil and gas, but has extended to the digital world, where a new kind of financial war is raging, with the slogan “whoever controls the flow of money controls the game.”
