EU Unveils 'Full Third-Country Ban' on Crypto Transactions to Counter Russian Sanctions Evasion

The European Union has introduced a new measure that allows it to ban an entire foreign jurisdiction from carrying out cryptocurrency transactions in Europe if it's deemed to be helping Russia avoid sanctions.

This measure, included in the EU's 21st sanction package adopted on July 23, targets jurisdictions like Georgia, Panama, and the UAE. The new tool has been termed as 'full third-country ban for crypto-asset services' by the Council.

The repercussions of this move are significant for cryptocurrency firms that engage with EU counterparties, as they may face restrictions in their transactions with businesses deemed to be helping Russia evade sanctions.