EU Hits Russia with Record Sanctions Package, Including Crypto Network Crackdown

The European Union has approved its 21st sanctions package against Russia, targeting the banking sector and cryptocurrency networks used to evade international financial restrictions. The measures aim to disrupt Russia's alternative settlement infrastructure built using cryptocurrencies.

The EU designated a record 170 entities and 48 individuals in this sanctions package, including 94 Russian financial institutions and over 40 'shadow fleet' vessels. This brings the total number of EU-sanctioned Russian banks past the 100 mark, with 33 now cut off from the SWIFT international payments messaging system.

The EU has also directly banned transactions with multiple cryptocurrency platforms it believes Russia is using as alternative routes to evade sanctions. The names of these targeted operators have not been disclosed, but the aim is to block sanctions evasion via third countries outside Russia.

The 21st sanctions package extends restrictions on cryptocurrencies to platform operators based outside Russia, aiming to ensure effectiveness by cutting off financial flows routed through third countries.