In a statement by the European Commission, the Member States have agreed to impose targeted sanctions on Russia and Belarus in view of the situation in Ukraine, n particular, the new measures impose restrictive measures on crypto assets.

"The EU confirmed the common understanding that loans and credit can be provided by any means, including crypto assets, as well as further clarified the notion of 'transferable securities,' so as to clearly include crypto-assets, and thus ensure the proper implementation of the restrictions in place," the statement revealed.

The United States and the European Union have said they would be investigating Russia’s potential use of digital currency to evade sanctions. On March 9, 2022, U.S. President Joe Biden signed an executive order which will require government agencies to coordinate and consolidate policy on a national framework for crypto as well as explore the potential roll-out of a central bank digital currency.