EU Imposes Transaction Bans on 14 Crypto Platforms Amid Russia Sanctions

The European Union has introduced new regulations targeting 14 cryptocurrency-related platforms and service providers in its latest sanctions package against Russia. The measures, which come into effect on August 13 and August 23, include a transaction ban on entities such as HTX (Huobi Global SA), EXMO, BitPapa, Rapira, and several smaller crypto and payment operators.

The list includes services linked to the A7 cross-border payments network, with three services facing restrictions from August 13. The remaining 11 platforms will be subject to transaction bans on August 23. The entities have been added to Annex XLV of the EU's Russia sanctions framework, which prohibits direct and indirect transactions with listed entities.

The regulation aims to restrict financial channels used by Russia, with the Council stating that the entities 'significantly frustrate the purpose of EU sanctions.' The measures do not apply universally, but rather target specific platforms and service providers named in the legal act.

Existing customers may need approval to withdraw funds from listed entities, with a national competent authority able to authorize transactions for certain individuals. However, this is subject to strict conditions, including the transfer of funds to an EU financial institution.