The European Union has launched a task force focused on crypto-related sanctions to close the routes used to circumvent financial restrictions. Its initial mandate will last 12 months and draw on expertise from countries including Ukraine and the United Kingdom, while a new dedicated office will coordinate the 27 member states. The European Commission says Russian growth fell from 4.9% to 1% in one year amid sanctions, inflation, high interest rates and rising taxes. Cooperation with G7 partners and the 21st sanctions package adopted on 23 July are intended to strengthen efforts against illicit financial channels, including those involving cryptocurrencies.
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