EU Slaps Russia with $120B Crypto Sanctions Amid Ukraine Invasion

The European Union has imposed new economic sanctions on Russia that include targeting $120 billion in cryptocurrencies. The move is part of the EU's efforts to isolate Russia economically due to its invasion of Ukraine.

The sanctions extend a transaction ban to 14 crypto-related service platforms based in Georgia, Panama, the United Arab Emirates (UAE), the Marshall Islands, and Belarus. Chainalysis reports that these platforms have processed nearly $120 billion in transactions that have helped Russia evade economic sanctions.

The EU's new sanctions are reported to be the biggest economic penalties imposed on Russia in two years. The move also includes a third-country ban on crypto asset services, which enables the European Union to ban any transaction between an operator based in Europe and any crypto provider situated in Russia.