EU Hits Crypto Firms and Banks in Largest Sanctions Package Against Russia

The European Union has approved its 21st sanctions package against Russia, targeting 14 cryptocurrency platforms and 94 banks. The package includes 218 individual listings, with 48 people and 170 entities being added to the list.

The EU's new sanctions aim to weaken Russia's economic foundations by restricting financial services, energy, and military suppliers. Crypto firms based in various countries are accused of enabling Russian-linked transfers that bypassed existing restrictions.

The package also introduces a new tool allowing the EU to ban crypto-asset services linked to an entire third country. This power could be used if a country is found to host providers helping Russia evade EU rules.