EU Imposes Wide-Ranging Crypto Sanctions to Combat Russia Evasion

The European Union has expanded its Russia-related crypto sanctions to include 14 foreign service platforms and introduced a new measure that allows for country-level transaction bans.

The EU has imposed direct transaction bans on 14 crypto-related service platforms operating outside the bloc, including those based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus. These restrictions prohibit EU operators from conducting covered transactions with the listed entities.

The new measure also gives the EU authority to block transactions with crypto service providers across an entire third country if the Council determines that the jurisdiction has systematically failed to stop platforms from providing services that help Russia bypass sanctions.