Crypto News: Brussels Edition: Upping the ante

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

Ukraine's key allies, including the US, are considering upping the ante on banning exports to Russia, in a move that could potentially lead to a significant tightening of economic pressure on President Vladimir Putin over his war. The proposal, which is still being debated and could change, would see the existing sanctions flipped around: banning all exports unless exempted, we've been told. If Group of Seven leaders endorse the move, exactly what would be excluded would then have to be agreed, with medicines and agricultural products including food very likely to stay exempted. But to enter into force in the EU, the new criteria would need to be adopted by all members, which -- with some companies' remaining ties to Russia and concerns over Putin's retaliation — is not a given.

—Natalia Drozdiak

No Sticking | The EU doesn't want to get "stuck in the middle" of a dispute between the US and China and should take a more unified stance toward the competition between the two powers, Ireland's Prime Minister Leo Varadkar said at the Bloomberg New Economy Gateway Europe event.

Pushing Back | Big Tech's top privacy watchdog in the EU took aim at critics who blame her office for taking far too long to issue rulings against Silicon Valley firms. "Some of the people that comment on speed, understand very little about the process of conducting an investigation," Helen Dixon, Ireland's data protection commissioner, said at the Bloomberg event.

Crypto Rules | European lawmakers yesterday gave their final blessing to an ambitious law that will give the EU its first rules to govern the crypto industry. The approval of the EU's Markets in Cryptoassets, or MiCA, regulation is the first time that governments are trying to supervise the upstart industry on such a scale, and follows the collapse of several big players including the crypto exchange FTX.

Asset Moves | Global investment banks are expected to move hundreds of billions more in assets and risk transfers to the euro area at the urging of the ECB. Citigroup and its US rivals are among those getting ready to shift more assets, risk management capabilities and staff as a consequence of the watchdog's findings in a review last year, we've been told.

Rightful Place | Ukraine's "rightful place" is in NATO, the alliance's chief Jens Stoltenberg told reporters on a surprise visit to Kyiv. "Over time, our support will help to make this possible," he said. His first visit since the start of the war comes as he has sought to balance encouraging allied support for Ukraine, while ensuring the alliance itself doesn't get dragged into a broader conflict with Moscow.

Russian Tax | Russia has another surprise for the foreign companies preparing to pull out of the country with a plan for a new levy on top of demanding they sell at a 50% discount and get government permission to leave. Faced with an exodus of foreigners after the invasion of Ukraine last year, the Russian government moved to exact a higher cost by means of what it called a "voluntary contribution" to the budget.

French Protests | Protesters stormed the entrance hall yesterday of stock exchange operator Euronext's offices in the La Defense business district outside Paris, as opposition to President Emmanuel Macron's pension reform lingers even after the plan was enacted earlier this month.

Bike Parking Porn | If there's such a thing as "bike parking porn," the Netherlands seems to inspire the bulk of it. On YouTube, fans of cycling infrastructure can marvel at a selection of video tours through cavernous bike garages in places like Utrecht, a city of 362,000 whose train station provides spots for 22,000 bicycles, the largest such facility in the world.

Wheat prices extended their largest decline in a month as Ukraine resumed grain shipments through the Black Sea corridor after a two-day halt. Futures for wheat fell 1.2% yesterday after a 2.4% drop on Wednesday, the day inspections of crop vessels restarted. The halt had sparked fears over the future of a UN-brokered agreement that provides a safe passage for ships carrying crop cargoes from Ukraine, a key supplier to world markets. While the resumption is positive news for Ukraine and for buyers of its products, such as China, it comes after several EU nations halted imports from the country over concerns that the supplies are hurting their markets.

All times CET

9:10 a.m. NATO Secretary General Jens Stoltenberg doorsteps at Ramstein Air Base ahead of Ukraine Defense Contact Group meeting
Czech President Petr Pavel meets separately with Council President Charles Michel, Commission President Ursula von der Leyen, European Parliament President Roberta Metsola
Von der Leyen meets with Moldovan Prime Minister Dorin Recean

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