EU Targets Crypto Platforms Registered in Georgia Amid Russia Sanctions

The European Union has introduced new sanctions against Russia by targeting cryptocurrency platforms operating in several countries, including Georgia. As part of the 21st package of sanctions, transaction bans will be imposed on 14 cryptocurrency service providers registered in these countries. The affected platforms have not been named, but they operate in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus.

The EU aims to disrupt financial channels used by Russia to circumvent existing sanctions. The new measures also introduce a legal mechanism allowing for a complete ban on crypto service providers in third countries if they are found to be involved in sanctioned transactions or other illicit activities.

The 21st sanctions package targets an additional 218 individuals and entities, as well as 94 banks and major financial institutions, vessels linked to Russia's 'shadow fleet,' and 56 entities connected to the country's military-industrial complex.