EU Cracks Down on Crypto, Freezes Oil Price Cap at $44.10 per Barrel

The European Union has approved its 21st sanctions package against Russia, targeting over 100 banks and crypto operators accused of helping the country evade earlier sanctions.

The new package places 94 Russian financial institutions, including the Moscow Exchange, under full sanctions. It also bans transactions involving more than 100 banks and crypto operators that are accused of assisting Russia in bypassing sanctions.

EU Foreign Policy Chief Kaja Kallas called it the bloc's largest sanctions package since the war in Ukraine began, stating, 'We are hitting Putin where it hurts most: cutting off the financial lifelines he relies on to sustain his war.'

The EU has also created a new legal tool that allows it to block crypto services at the country level for the first time. This means that if a non-EU country allows crypto platforms to help Russian businesses avoid sanctions and refuses to stop them, the EU can restrict crypto services connected to that country's entire crypto industry.