EU Sanctions Package Targets Russian Crypto Platforms

The European Union has approved its 21st sanctions package against Russia, expanding restrictions on crypto exchanges and financial institutions. The new measures target Russian-based crypto platforms that facilitate sanctioned entities' financial operations.

The package includes 94 Russian financial institutions and extends the ban to Moscow Exchange and other cryptocurrency platforms. Additionally, 20 non-EU financial and crypto companies will be targeted for allegedly providing financial services linked to Russian operations.

Kaja Kallas, EU foreign policy chief, called the deal the 'biggest sanctions package in 4 years.' She stated that it delivers sweeping measures targeting Moscow's financial system, military-industrial complex, and energy sector. The oil price cap on Russia will remain at $44.10 per barrel for the next 12 months.

The EU also imposed sanctions on ships assisting Russian oil exports, a move seen as broadening restrictions to non-financial institutions and digital assets. Furthermore, Russian LNG imports will be prohibited from January 1, following discussions between member states.