Russia has been under sanctions since the Russian military attack on Ukraine. On 8 April 2022 Friday, the fifth round of EU sanctions on Russia took place targeting cryptocurrencies.
With the new sanctions, European Union has reduced the limit for deposits by individuals and organizations to Russian crypto wallets and other services to €10k.
Russia has already been subjected to several economic sanctions. Russian financial institutions have been completely cut off from EU markets. But due to cryptocurrencies, there is no stopping Russia from getting financed.
Therefore, the European Union has to adopt new measures to target cryptos ans cover all loopholes for powerful sanctions. The new sanctions will add some economic pressure to Russia, but only time will tell how effective it is. Crypto sanction effects are still under test as mentioned already.