The United States banned the supply of dollar bills to Russia and restricted access to cryptocurrencies - ForumDaily
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The United States banned the supply of dollar bills to Russia and restricted access to cryptocurrencies

US President Joe Biden signed an executive order imposing additional restrictions on Russia, reports Meduza.

Photo: Shutterstock

The decree prohibits the export, re-export, sale or supply of US dollar banknotes from the United States to the Russian government or to any person located in Russia. The restrictions also apply to US citizens and US companies in other countries.

By the same decree, Biden approved the previously announced restrictions on imports from Russia. The ban includes the import of vodka and other alcoholic beverages, seafood, and diamonds. Also, the US President will impose a ban on the export of luxury goods to Russia.

In early March, the European Union banned the export and import of euro banknotes to Russia as part of another sanctions package introduced due to the war in Ukraine. An exception was made for those citizens who arrived in Russia and use the euro for personal purposes.

Japan Urges Cryptocurrency Companies to Comply with Sanctions Against Russia, Reports Reuters.

On March 14, the Japanese authorities instructed crypto exchanges not to process transactions with crypto assets that are subject to asset freeze sanctions against Russia and Belarus due to the war in Ukraine.

On the subject: Famous American journalist and director died in Ukraine

The move comes after a March 11 G-XNUMX statement saying Western countries will "impose bans on illegal Russian entities that use digital assets to increase and transfer their wealth."

There is growing concern among advanced G7 economies that cryptocurrencies are being used by Russian entities as a loophole to circumvent financial sanctions imposed on the country for invading Ukraine.

On March 11, the U.S. Treasury Department issued new guidance that requires U.S. crypto companies not to engage in transactions that are subject to sanctions.

“We decided to make a statement to maintain the momentum of the G7,” said a senior official at Japan's Financial Services Agency. “The sooner the sanctions take effect, the better.”

The Japanese government will step up measures against the transfer of funds using crypto assets, according to a joint statement from the FSA and the Ministry of Finance.

Japan has lagged behind a global shift among financial regulators in imposing stricter rules on private digital currencies, while G7 countries and major G20 countries have called for stricter regulation of "stablecoins".

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Unauthorized payments to sanctioned individuals, including through crypto assets, carry penalties of up to three years in prison or a fine of $8, the FSA reported on March 487,52.

Global regulators remain concerned about the safety of the new market for investors given its popularity. The US Securities and Exchange Commission has cited the possibility of market manipulation as one of the main reasons for rejecting several applications for bitcoin spot exchange-traded funds.

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