Blockchain.com to impose restrictions on Russian investors under EU’s recent sanctions

Following the actions from the crypto exchange platform Crypto.com, another renowned exchange has announced plans to restrict Russian users from using its services.

Crypto exchange Blockchain.com informed its users through email that it would be blocking accounts with any connection to Russia. The action follows the European Union’s eighth package of sanctions on Russia for its attitude toward Ukraine, as TheCoinRise reported.

Russian investors have only a little time to withdraw funds

The latest report from the news agency RBC states that Russian consumers have till October 27 to withdraw funds before their accounts are closed.

In a message to its users, the cryptocurrency wallet said that it is now directed by EU sanctions to stop offering custodial and rewards services to Russian citizens. The announcement clearly states:

“Blockchain.com is currently prohibited from providing custodial and rewards services to Russian citizens.”

The company did not specify if Russian customers will be able to continue using their non-custodial wallets, though.

On the other hand, Crypto.com did not disclose any information on user withdrawals because it had already stopped providing services to Russian citizens.

The EU put a broad restriction on offering crypto services to the investors in Russia as part of its tightening of sanctions. European Commission’s President of the Ursula von der Leyen said at the time that the commission has moved “quickly and decisively.”

“We are determined to continue making the Kremin pay,” he added.

Following Russia’s invasion of Ukraine in February, the bloc enacted its eighth set of economic and political sanctions against the country, which forbade European crypto providers from providing services to Russian individuals or entities.

Several platforms have therefore ceased supporting all Russian accounts. Well-known blockchain gaming firm Dapper Labs took similar action by prohibiting users from buying, trading, or gifting any of its digital valuables across all Dapper Sports. Purchases of balance and withdrawals were also suspended.