- March 3, 2022
- Posted by: Bogdan
- Category: All, bitcoin, cryptocurrency, European Union, Russia-Ukraine War, Russian Central Bank
Bitcoin gave up some of its gains on Thursday morning, but not before running for three days in a row.
Bitcoin has been on a tear over the past few days, with prices increasing by more than 17% in just three days. The coin gained a significant rise, so many people are calling Bitcoin a ‘safe haven’ again.
Bitcoin has been on quite the rollercoaster this year! It was up six of seven days but remains down more than 5% year to date.
According to French Finance Minister Bruno le Maire, the European Union has announced that it will include cryptocurrencies in its sanctions against Russia. The decision is expected to impact the crypto markets significantly and may lead countries like France or Britain. They are currently considering cryptocurrency legislation towards recognizing them as legal tender soon enough.
Reuters reports that the move is meant to make Russia’s aggression against Ukraine as expensive as possible.
According to Bruno le Maire, deterrents against Russia have been very effective and left the country’s financial system in ruins. The Russian central bank cannot protect its currency, which many people believe will lead it towards another economic downfall like during the 90s ‘ disintegration period’.
European Union To Freeze Russian Central Bank Assets
The European Union has punished Moscow for its aggression against Ukraine. The 27-nation bloc imposed three packages containing dozens of sanctions against Russia’s leadership and citizens connected with separatists in Eastern Ukraine. Who are fighting government troops loyal to Kyiv; these measures target individuals and businesses such as oil companies that support President Putin’s war effort there.
Russia suffers significant financial losses as Western countries punish them for interference in democratic processes. The European Union has announced they will be freezing Russian central bank assets and disconnecting seven banks from the SWIFT financial-messaging system.
UN General Assembly Rebuked Russia
The UN General Assembly rebuked Russia for invading Ukraine and demanded that it stop fighting to withdraw its military forces from the country. The vote is an action to diplomatically isolate them at this global body. Leading more nations to follow suit as diplomatic isolation continues against Moscow’s policies in Europe.
The U.N.’s Security Council held an emergency session on Wednesday to pass a resolution on Ukraine after Russia stepped up their airstrikes and bombarded civilians in the attempt to take control of Kherson port from government forces. The U.N Council achieved the 141 out of 193 vote majority, with support coming primarily from Western countries.
The text passed a resolution deploring Russia’s aggression against Ukraine. The last time the Security Council met at an emergency session of the General Assembly was in 1982.
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