The EU imposed a new sanctions with Russia, expanding trade ban and individuals involved in Moscow's merger of four Ukrainian provinces.

The eighth sanctions were published on the website of the European Commission today and took effect immediately in response to Russia for acts of aggression with Ukraine, organized a referendum and illegal merger.

According to the new punishment package, the European Union (EU) imposed a extensive ban on providing cryptocurrency services to the Russians.

Current ban on cryptocurrencies have been tightened by banning all wallet, accounts or services related to cryptocurrency assets, regardless of the number of wallets, according to the notice.

After Visa and MasterCard left the Russian market earlier this year and some banks were eliminated from Swift global financial system, cryptocurrency, especially Stablecoin USDT, has become one of the most popular ways for people.

Leaders of countries attending the EU summit and foreign EU in Prague, the Czech Republic on October 6.

The decision on the price of Russian crude oil ceiling, one of the most interesting issues, will be given after the details are discussed in the EU and G7.

30 individuals and 7 entities in Russia were added to the EU blacklist, including Russian officials appointed in newly merged areas, Russian defense officials and related companies.

Norway, not an EU member, today also announced that it will restrict Russian fishing vessels into the port.

The new punishment package was announced one day after the Russian President signed an official document to merge 4 provinces of Ukraine including Donetsk, Lugansk, Zaporizhzhia and Kherson.

The EU had previously imposed seven punishments with Russia after the country opened a military campaign in Ukraine on February 24.

Yale University, one of the oldest universities in the United States, said the Russian economy was seriously affected by Western sanctions and international enterprises withdrawing from the market.

US officials are disappointed because sanctions have not been effective with Russia and the most serious impact may have to wait until the beginning of the next year.

After 6 months of suffering a series of unprecedented sanctions from the West, the Russian economy faced many difficulties, but was still motivated by selling energy.