EU Cracks Down on Russia's War Economy with Crypto Bans and Banking Sanctions

The European Union has taken another step to curb Russia's war economy by imposing new crypto bans and banking sanctions. The latest package targets 94 financial institutions, with 33 Russian banks losing access to SWIFT, a global messaging network for international transactions.

As part of the measures, EU persons are barred from transacting with 14 crypto platforms accused of helping Russia evade sanctions. These platforms are based in six jurisdictions, but their names were not disclosed by the EU.

The package also gives the EU authority to prohibit crypto-asset services connected to an entire third-country jurisdiction, allowing it to restrict services from countries hosting providers that help Russia bypass existing restrictions.