The European Union (EU) agrees if the use of cryptocurrencies is also restricted for both countries, Russia and Belarus.
In a recent statement, the EU views crypto assets as securities that can be transferred from one entity to another as money works.
However, Belarus's involvement in the sanctions was due to the country's support for Russia's invasion of Ukraine.
Not only that, just as Russia is facing restrictions on SWIFT access, Belarus will also face a similar fate.
At the same time, Belarus will face three other impacts: 1/ limited financial inflows from the EU, 2/ transactions with the central bank will also be blocked, and 3/ limited share services of Belarusian entities in the EU.
These latest restrictions show crypto assets are certified as being tools capable of going beyond traditional economic and financial restrictions.
Even so, so far there have been no crypto exchanges that have acted to block Russian investors except Coinbase and Binance.
Meanwhile, several new sanctions have been imposed on 160 individuals, 14 Russian oligarchs, and 146 members of the Council of the Russian Federation.
