EU sanctions will not affect NFT holders from Russia

In Brief

The European Union requested that cryptocurrency exchanges restrict Russian users’ wallets

Holders of NFT won’t be impacted by this project in any manner

Russians selling NFTs on international marketplaces should exercise caution


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A fresh set of sanctions on Russia has been approved by the European Union, and they include limitations on the use of cryptocurrency wallets. No matter how much money is in Russians’ wallets, United Europe vows to ban them. This letter sparked a commotion among cryptocurrency owners as well as NFT owners who keep their non-fungible tokens in custody or other wallets after purchasing them.

Andrey Tugarin, Managing Partner at GMT Legal, was consulted by the mpost.io editors for clarity. You need not panic since, according to the expert, these punishments will not have any impact at all on NFT holders.

Today, you do not need to complete KYC and confirm your identity by sending a copy of your passport or driver’s license in order to purchase or sell NFTs. NFTs can be freely purchased by any user on any market. As a result, the sanctions won’t have any impact on this market

according to the expert

When selling NFTs, Russians should exercise caution. Unpleasant surprises may be in store for customers in this situation because the cryptocurrency, which is typically distributed to the owner’s wallets as ETH tokens, does so after the transaction is complete.

NFT sales generate cryptocurrency, which is credited to an exchange or another wallet. Here, the exchange has the ability to prevent the storage of a Russian Federation user who has already completed KYC. Russians should thus reevaluate the bitcoin exchange or wallet they choose and determine whether they support EU sanctions. The proceeds from the sale may be blocked on the wallet if the exchange decides to support the sanctions

according to Andrey Tugarin

It should be remembered that the European Union announced the eighth set of sanctions against Russia in an open letter that was sent. EU plans mandate that cryptocurrency exchanges block all customers from Russia’s crypto wallets. Exchanges used to be able to restrict users’ wallets if they had more than 10,000 euros in cash.

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Damir Yalalov

Damir is the Editor/SEO/Product Lead at mpost.io. He is most interested in SecureTech, Blockchain, and FinTech startups. Damir earned a bachelor's degree in physics.

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