EU Sanctions Target Russian Energy Firm and Cryptocurrency Network

The European Union has introduced its 21st package of sanctions against Russia in response to the ongoing conflict in Ukraine. The new measures target sectors with significant impact on the Russian economy, including energy, financial services, and cryptocurrencies.

Among the entities targeted are Shor's A7 crypto network and Inter RAO, a Russian company that owns the Moldovan Cuciurgan Power Plant (MGRES). The EU has associated A7 with supporting Moscow in evading international sanctions through cryptocurrency platforms.

The new package includes four designations related to A7, including its connections to Africa. It also extends the trading ban on 14 cryptocurrency platforms registered in various countries and introduces a tool allowing for a blanket ban on third-country crypto asset services used by Russia.