EU Sanctions Hit Over 100 Financial Institutions, Target Crypto Evasion
The European Union has imposed its largest round of sanctions against Russia in four years, targeting over 100 financial institutions and introducing new measures to combat crypto-related evasion.
The 21st sanctions package, adopted on July 23, lists 218 individuals and entities, including 48 people and 170 organizations. This marks the biggest batch of new listings since the sanctions program began.
Asset freezes have been imposed on 94 banks and financial institutions, but the most significant development is a new legal tool that allows for full transaction bans on crypto-asset service providers based in third countries.
The EU has used this power to immediately ban transactions with 14 crypto-related service platforms based in various jurisdictions, including Georgia, Panama, and Belarus. These countries have reportedly become hubs for sanctioned entities to route transactions and avoid detection.