EU Slaps Russia with Massive Crypto Sanctions Package

The European Union has imposed its 21st sanctions package on Russia, targeting over $120 billion in transactions related to the A7 network, a cryptocurrency network designed for sanctions evasion.

The EU's latest move aims to disrupt Russia's ability to use cryptocurrencies for international transactions. According to Chainalysis, the A7 network has processed nearly $120 billion to date and is purposely built for Russia's sanctions evasion. The new sanctions package includes designations related to the A7 network, including its links to Africa.

The EU is also extending its transaction ban to 14 unnamed crypto-related service platforms based in several countries, including Georgia, Panama, and the United Arab Emirates. Additionally, the EU has imposed asset freezes and a prohibition on making funds available to 94 banks and major financial institutions.