The European Union agreed on its 21st sanctions package against Russia this week, targeting 11 crypto platforms, 94 Russian banks, and the Moscow Exchange. For the first time, the package gives the EU the power to ban crypto services in entire countries outside Europe — a significant expansion of its enforcement toolkit.
New crypto targets
The 11 platforms singled out in the sanctions are part of a broader effort to choke off Russia's ability to move money through digital assets. Previous EU sanctions on crypto exchanges have been circumvented by Russian users opening new platforms. One example: the relaunch of sanctioned exchange Garantex as Grinex. The EU is now trying to close that loophole.
According to analytics firm Elliptic, a ruble-linked cryptocurrency called A7A5 moved over $100 billion in a single year. That figure underscores the scale of crypto-based evasion the EU is trying to disrupt.
Expanded ban authority
The new sanctions package allows the EU to ban crypto services in entire countries outside Europe — a first. That means the bloc can now target jurisdictions that host crypto platforms used to evade sanctions, not just individual exchanges. The move signals that Brussels is willing to go beyond naming specific entities and go after the infrastructure itself.
Russia's response
Moscow isn't waiting around. Russia is responding by allowing crypto for foreign trade and setting up licensed crypto exchanges. That's a shift from earlier restrictions on crypto use in the country. The goal is to create a regulated alternative to the platforms the EU is now targeting.
What's still legal
Bitcoin and other cryptocurrencies remain legal to own and trade in Russia. The sanctions don't ban individuals from holding crypto — they target the platforms and services that facilitate transactions. The EU's new extraterritorial ban power could complicate things for any exchange that serves Russian users, even if it's based outside Europe.
The sanctions package also hits Russia's military-industrial complex and energy sector. The next question: how will the EU enforce its new ban authority, and will other countries follow suit?
