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Investing.com -- The European Union (EU) foreign ministers have approved a 16th package of sanctions against Russia, marking the first time a cryptocurrency exchange has been targeted, according to a Council statement.
The sanctions, discussed by diplomats last week, consist of a ban on primary aluminium imports and the sale of gaming consoles. Additionally, the package identifies 73 vessels from the so-called shadow fleet that are used to sidestep sanctions.
The ban on aluminium will be implemented gradually. The legislation allows for a maximum of 275,000 tonnes of imports for a year before the full ban comes into effect on February 26, 2026. A further exception is made for up to 50,000 tonnes contracted before February 25, 2026, which can be imported until the end of December 2026.
A significant part of the EU’s strategy with this package is to curb Moscow’s use of cryptocurrency as a means to bypass Western sanctions. For this purpose, the EU has named Garantex, a Russian cryptocurrency exchange, in the sanctions list due to its close association with EU-sanctioned Russian banks.
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