EU targets crypto platforms in new Russia sanctions

The EU’s 21st sanctions package targets 11 crypto platforms and third-party entities aiding Russia, expanding restrictions to banks and exchanges to curb sanctions evasion.

The European Union has introduced its 21st sanctions package, marking the first time crypto platforms are a primary focus. This proposal seeks a total ban on crypto services and platforms in non-EU countries that facilitate Russia’s evasion of international sanctions. The package specifically targets 11 crypto platforms and 20 third-party entities, including banks and exchanges, accused of enabling illicit transfers for sanctioned Russian actors. Notably, HTX (formerly Huobi), already sanctioned by the UK, is among those listed. Beyond crypto, the sanctions extend to Russian banks, oil traders, and arms manufacturers. The measures aim to close loopholes exploited by Moscow to finance the war in Ukraine and could significantly impact the crypto market, pending approval by EU member states.