EU Adopts New Sanctions Enforcement Rules, Including Crypto Asset Freezes

The European Parliament's new directive aims to standardize sanctions enforcement across member states, introducing criminal penalties for violations.

• EU lawmakers have approved a directive to harmonize the enforcement of sanctions, including for crypto assets, across its member states.
• The new rules criminalize the violation and circumvention of EU sanctions, with penalties including prison sentences of up to five years.
• The directive targets a wide range of financial services, ensuring crypto service providers and assets can be frozen as part of sanctions enforcement.
• The legislation was prompted by concerns over inconsistent enforcement of EU sanctions, particularly in relation to Russia's invasion of Ukraine.
• Member states will have one year to incorporate the new rules into national legislation, following formal approval by the Council.

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