The European Commission has established a cryptocurrency task force to combat Russian sanctions circumvention.

The European Commission, at its 10th high-level EU sanctions meeting, decided to establish a sanctions office and, within it, a cryptocurrency working group to address Russia's use of digital assets to circumvent sanctions. The working group is expected to operate for 12 months, with support from Ukraine and the UK. The sanctions office will coordinate member states in implementing sanctions, covering policy design, implementation, enforcement support, and anti-circumvention efforts. The working group will target networks including the A7A5 digital ruble stablecoin, which has a trading volume exceeding $100 billion. (Source: Bitcoin.com News)