The European Commission announced to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed at hindering Russia’s capacity to carry out cross-border payments.
In a joint statement released by the European Commission, leaders from France, Germany, Italy, the United Kingdom, Canada, and the United States highlighted their shared interest in defending Ukraine from the war against Russia:
“We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”
While condemning the Russian president Vladimir Putin’s move to lay siege across Ukraine, the EU Commission committed to undertake a series of measures to isolate Russia from the international financial system. President of the EU Commission, Ursula von der Leyen announced five proactive measures against Russian authorities, starting with the removal of an undisclosed number of Russian banks from the SWIFT messaging system.
In addition to cutting Russia’s ties with SWIFT, the EU Commission will “paralyze the assets of Russia’s central bank,” creating another financial barrier for the Russian central bank to liquidate assets. As for the third measure, EU Commission stated:
“We commit to taking measures to limit the sale of citizenship— so-called golden passports—that let wealthy Russians connected to the Russian government become citizens of our countries and gain access to our financial systems.”
The EU Commission will soon launch a transatlantic task force to ensure effective implementation of all the sanctions, which primarily aims to freeze the overseas assets of Russian officials, elites and their family members. As a fifth measure, the Commission plans to increase coordination against disinformation and other forms of hybrid warfare.
Within the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) as donations.
Amid military threats through the country of Ukraine, the government of Ukraine sought help from numerous international organizations. However, considering time is of the essence, the official Twitter account of Ukraine extended its call for help to Crypto Twitter.
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14 February 26, 2022
Additionally, the Vice Prime Minister of Ukraine Mykhailo Fedorov also shared three crypto wallet addresses urging the crypto community to donate and help Ukraine fight against the Russian troops. While the BTC and ETH addresses remain the same, Fedorov’s USDT wallet address is TRC20-based (different from the address shared by Ukraine’s official Twitter handle).
Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy February 26, 2022
Prominent crypto entrepreneurs including Ethereum co-founder Vitalik Buterin initially suspected that the accounts requesting crypto donations were hacked. However, American diplomat Tomicah Tillemann later confirmed its legitimacy from Ukrainian Ambassador Olexander Scherba.
Christine Lagarde, president of the European Central Bank (ECB), has called on lawmakers to approve a regulatory framework on crypto, hinting at potentially preventing Russia from getting around economic sanctions.
Speaking to reporters at an informal meeting of economics and finance ministers on Friday, Lagarde said the European Central Bank would be “decisively and rigorously” implementing the sanctions on Russia imposed by European lawmakers in response to the country’s invasion of Ukraine. In response to a question on Russia potentially using crypto to evade some of these measures, the ECB president urged action on an existing proposal for a regulatory framework on digital assets.
“Whenever there is a ban or prohibition or a mechanism in place to boycott or prohibit, there are always criminal ways that will try to circumvent the prohibition or the ban,” said Lagarde. “It’s so critically important that MiCA is pushed through as quickly as possible so we have a regulatory framework within which crypto assets can actually be caught.”
The MiCA, or Markets in Crypto Assets, proposed creating “a regulatory framework for the crypto-assets market that supports innovation and draws on the potential of crypto-assets in a way that preserves financial stability and protects investors.” First introduced to the European Commission in September 2020 and adopted by the European Council in November 2021, the proposal was scheduled for a vote to be implemented by the European Parliament on Monday.
This Daily Dose was brought to you by Cointelegraph.