EU moves to ban crypto transactions linked to Russia

The EU plans a sweeping ban on crypto transactions with Russia, targeting all platforms and service providers to close sanctions loopholes and prevent evasion.

The European Union is moving forward with a comprehensive ban on cryptocurrency transactions linked to Russia as part of its 20th sanctions package. This proposal targets all crypto platforms, financial intermediaries, and payment channels that facilitate transactions for Russian entities, including those involving the digital ruble. The EU aims to close loopholes that have allowed Russia to bypass previous sanctions by using digital assets and third-country banks, such as those in Kyrgyzstan and Tajikistan, which are also under investigation. The new measures would prohibit cooperation with any Russian crypto-asset service providers and block payments, transfers, custody services, and trading activities involving Russian users across the EU. This initiative requires unanimous approval from all EU member states and is considered the bloc’s most aggressive step yet to prevent sanctions evasion through digital assets.