Can't abandon unless you completely destroy.
To abandon cables in walls, you must completely destroy all parts of the cable that you can reach, on both ends, so there is no possibility of anyone ever energizing it again.
That precludes twisting any wires together; if you can reach it you must sever it.
You are particularly not allowed to twist the ends together and bury it, and then leave the wires in the service panel. That is inviting someone to put 240V across the wires, and if your twisted ends aren't perfect, they may just sit there and parallel-arc and start a fire.
See NEC 300.15 (bottom here): "where the wiring method is...NM..., a box... shall be installed at each... termination point".
See also 300.12, "Non-metallic... cable sheaths shall be continuous between boxes".
The only way to eliminate those obligations is destroy the wires beyond usability. Ontario put out a clarifying bulletin to that effect (Bulletin 12-25-1): "Unused wiring shall be properly terminated, or removed. Wiring that is concealed and inaccessible shall be cut off where exposed so as to be too short to be reused."
If you want to preserve the wires for future use (good idea) you need a junction box.
In that case, yes - there must be a junction box, and the box cover must be 100% accessible without removing any wall material or doing any damage to the building finish. Even painting it over isn't legit; wallpaper is Right Out. (unless you want to properly create an opening for the J-box, and then line the J-box cover with a scrap of wallpaper, as I often see done).

The best camouflage for an unused junction box.
Or, change it from "blank junction box cover" to "useful outlet". The wires are there.
If you want something to decorate the junction box cover with to make it look less tacky, and the in-wall wires are black and white, then you could always stick a regular old electrical outlet in the junction box. Use the legacy wires to connect it to a 120V breaker (white to neutral of course). Note a 240V/20A breaker can feed two 120V/20A circuits. (one on each side). So you already have the breaker lol.
"This apartment has too many electrical circuits and outlets" is something no tenant has ever said.