Cryptocurrencies are included in the scope of the sanctions against Russia, European Union says

• The European Union clarified that cryptocurrencies are included in the scope of sanctions against Russia.
• Crypto assets are considered "transferable securities," according to a statement Wednesday.

The European Union clarified Wednesday that cryptocurrencies fall under the scope of its sanctions against Russia for its invasion of Ukraine.

Crypto assets are considered "transferable securities," according to a a statement, which also said loans and credit delivered in cryptocurrencies are part of the Russia sanctions too.

Additionally, the EU said the same sanctions against Russia would be expanded to Belarus, including a ban from the SWIFT global financial messaging service.

Cryptocurrency has already played a significant role in the Russia-Ukraine war. Ukraine has collected tens of millions of dollars worth of crypto donations from all across the globe, with one donor alone sending a $3 million gift.

And as citizens in Ukraine have had limited access to currencies and cash withdrawals, crypto has been an attractive option due to their decentralized nature. Ruble-denominated crypto transactions have also jumped in Russia.

While some have speculated that Russia's central bank could turn to cryptocurrencies to get around sanctions, other experts doubt this is viable.

"I don't think cryptocurrency is a reasonable off-ramp for sanction evasions," Ari Redbord, head of legal and government affairs at blockchain and risk management firm TRM Labs, previously told Insider. "There's not much Russia could do internally given the interconnected nature of the global economy."