EU member states agreed Friday to prohibit the services of high-value crypto assets to Russia as part of the fifth package of sanctions imposed in response to the Ukraine war. The European Commission said that the stance will lead to closing potential loopholes in existing restrictions and was declared next to bans on four Russian banks, coal imports, and providing advice on wealth-concealing trusts to oligarchs.

As per the statement made by the Council of the EU, which represents national governments within the bloc, the stances extend a facility in deposits to cryptocurrency wallets. Christine Lagarde, President of the European Central Bank lately cautioned crypto was being used to avoid sanctions, despite little evidence.

The commission said in an FAQ posted on April 4, that cryptocurrency was already included in existing asset freezes, and on March 9 extended the definition of ‘transferable securities’ to include digital assets.