EU expands Ukraine sanctions push with new office and crypto task force
on Google
BRUSSELS, Belgium — The EU will bolster its sanctions work, from drafting new measures to preventing circumvention, with a dedicated office, the EU's Commissioner for Financial Services Maria Luis Albuquerque announced on Nov. 5.
The dedicated office "will strengthen coordination, provide faster guidance to Member States and improve data sharing and analysis," Albuquerque said in a social media post.
"In this way, we can present a more united front on the global stage, engage better with our G7 and likeminded partners, and deliver stronger impact and more effective implementation within the EU and outside," Albuquerque wrote.
With the dedicated office, the idea is "that we can continue to maximize (sanctions') impact on Russia itself," European Commission spokesperson Siobhan McGarry told the Kyiv Independent at a Nov. 6 press conference.
Alongside the new EU sanctions office, Albuquerque also announced the launch of a task force dedicated to cryptocurrency sanctions, an area where the EU has been rolling out progressively more restrictions.
"Crypto is a tool that has been used to circumvent our sanctions," McGarry said, explaining that the task force will bring together national and EU experts to design measures that will close off those loopholes.
An EU diplomat told the Kyiv Independent the task force is initially envisaged to work for 12 months and will draw on expertise from third countries like Ukraine and the U.K., the latter of which has also drawn up extensive sanctions targeting the crypto industry.
Albuquerque's announcements followed two sanctions meetings that same day: one for EU countries and institutions to address sanctions loopholes, which Albuquerque hosted, and another bringing together sanctions coordinators from allied countries, hosted by the EU's sanctions envoy, David O'Sullivan.
