EU Targets Crypto Platforms and Banks in Latest Sanctions Package Against Russia
The European Union has imposed new sanctions on Russia, targeting 14 cryptocurrency service platforms and 94 banks and financial institutions. These measures are part of the EU's 21st sanctions package against Russia, which also includes restrictions on oil refineries, military suppliers, and shadow-fleet vessels.
The EU has given itself new powers to block crypto services across entire jurisdictions, allowing it to ban transactions between EU operators and crypto providers used by Russia. This expansion of existing financial measures aims to limit the use of cryptocurrency businesses to circumvent restrictions on conventional financial institutions.
The sanctions package also includes 41 shadow-fleet vessels, oil refineries, and military suppliers. Four non-Russian banks face transaction bans, with one Kyrgyz bank connected to Russia's System for Transfer of Financial Messages (SPFS) being specifically targeted. The EU has paused the automatic adjustment of the Russian oil price cap until July 15, 2027, amid disruption caused by the closure of the Strait of Hormuz.
The measures are intended to limit Russia's access to international financial services and revenue from energy exports. EU High Representative Kaja Kallas stated that the bloc was targeting more than 100 banks and crypto operators, over 40 vessels in Russia's shadow fleet, and several refineries in Russia and Belarus. The package contains 218 individual listings, including 48 people and 170 entities.