EU Slams Brakes on Russia's Economy with Sweeping Sanctions

The European Union has imposed its most extensive sanctions on Russia in four years, targeting the country's financial system, energy sector, military-industrial complex, and cryptocurrency services.

The 21st package of EU sanctions includes restrictions on 94 Russian banks and financial institutions, including the Moscow Exchange, as well as foreign banks that helped circumvent previous restrictions. Additionally, 33 banks will be cut off from the international SWIFT system, making it harder for Russian businesses to make international payments.

The new package also expands sanctions targeting the cryptocurrency sector, which has been used to evade financial restrictions. The EU emphasizes that oversight in this sector will be strengthened, as crypto assets are increasingly being used to circumvent international sanctions.