EU Slams Russia with Sweeping Crypto Sanctions

The European Union has introduced its most aggressive crackdown yet on Russia's use of digital assets, blacklisting a massive cross-border crypto settlement network that has processed nearly $120 billion. The A7 network and its native stablecoin A7A5 are at the center of the EU's new sanctions package.

Chainalysis described A7 as purpose-built for sanctions evasion. The 21st package extends transaction bans to 14 crypto service platforms operating across Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus.

The measures also freeze assets and prohibit fund flows to 94 Russian banks and major financial institutions, and broaden a transaction ban to 33 additional Russian credit institutions. 'We're hitting over a hundred banks and crypto operators, 40+ vessels in Russia's shadow fleet, and several oil refineries in Russia and Belarus,' said Kaja Kallas, the EU's High Representative for Foreign Affairs and Security Policy.