EU unveils largest sanctions, targets Russia’s crypto sector

The EU’s 21st sanctions package is its largest yet, targeting Russia’s crypto sector, over 100 financial institutions, energy, and shipping, with new bans and expanded restrictions.

The European Union has unveiled its 21st and largest sanctions package against Russia in four years, introducing sweeping measures that target the country’s financial system, military-industrial complex, energy sector, and, notably, cryptocurrency platforms. This package blacklists 11 crypto platforms accused of facilitating sanctions evasion and expands transaction bans to over 100 Russian financial institutions, including the Moscow Exchange. For the first time, vessels associated with Russia’s “shadow fleet” are also sanctioned, and the measures extend to third countries such as Belarus and Nigeria, where sanctioned entities have operated. The sanctions introduce the possibility of broader prohibitions against third-country crypto service providers. Additionally, the EU freezes the global price cap on Russian crude oil at $44.10 per barrel for another year and adds 218 individuals and entities to its sanctions lists. Crypto measures survived negotiations that saw other proposals dropped, highlighting the EU’s intent to close loopholes in both traditional and digital finance, especially after Russia legalized cryptocurrency for cross-border trade.