France: EU will take measures on cryptocurrencies to prevent Russia from bypassing sanctions

The European Union is planning to take measures on cryptocurrencies to prevent Russia from bypassing economic sanctions, French Finance Minister Bruno Le Maire said Wednesday.

“We have decided to work on additional measures to further strengthen the effectiveness of these sanctions and avoid any bypassing of the sanctions decided by the 27 member states. In particular, we will take measures on cryptocurrencies, which must not be used to bypass the financial sanctions decided by the European Union,” Le Maire said during a news conference after a meeting of EU finance ministers in Brussels.

Le Maire added that while the exact measures addressing cryptocurrencies are unclear, EU members are “determined” to focus in this area to ensure the effectiveness of the bloc’s sanctions against Russia.

“We had a specific report that was put together by Christine Lagarde, the president of the European Central Bank. We are going to study all the means that would allow us to avoid the bypassing of financial sanctions by cryptocurrencies,” he said.

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