Blocking of cryptocurrency transactions for individuals or entities affected by sanctions against Russia and Belarus

Question for written answer  E-001038/2022/rev.1
to the Council
Rule 138
Adrián Vázquez Lázara (Renew)

On Monday 14 March, Japan ordered currency exchange bureaux in the country to block transactions involving cryptocurrencies for individuals or entities affected by the sanctions imposed on Russia and Belarus. The aim is to stop cryptocurrencies being used to avoid the financial isolation and sanctions being applied against Russia as a result of its invasion of Ukraine.

Specifically, all transactions whose issuer or recipient is a person or entity included on the sanctions list will be impacted. The Japanese authorities have stressed that the mere suspicion that the recipient may be subject to such sanctions is sufficient.

This measure is part of the commitment adopted on Friday, 11 March by the G7 to prevent digital assets being used by illicit Russian actors to get around the sanctions and fraudulently conceal or dispose of their assets and wealth.

In view of the aforegoing, does the Council intend to adopt similar measures along the lines of what has been decided by the G7 and the international community?