The European Union has imposed its 21st sanctions package against Russia, this time targeting a sprawling crypto network worth $120 billion. The move, announced this week, also includes a first-of-its-kind proposal to ban third-country crypto service providers from facilitating transactions that could help Russia evade existing restrictions.
The $120 billion target
The sanctions package names 14 crypto companies, though the EU has not publicly identified them. The network they're part of is described as a major channel for moving funds in and out of Russia, bypassing earlier financial curbs. Officials say the scale — $120 billion in volume — makes it the largest crypto-linked sanctions action since the war in Ukraine began.
First-ever ban on third-country providers
For the first time, the EU is considering a ban on crypto service providers based outside the bloc if they're found to be helping Russia dodge sanctions. The proposal would apply to exchanges, wallet providers, and other intermediaries that process transactions linked to sanctioned entities or activities. If enacted, it would mark a significant escalation in the EU's regulatory reach beyond its borders.
Unnamed companies raise questions
The decision to keep the 14 targeted companies anonymous is unusual. Typically, the EU publishes a list of sanctioned entities. The lack of names could complicate enforcement — exchanges and banks won't know exactly who to block. It also leaves room for speculation about which firms are involved, though officials have stressed that the secrecy is meant to prevent asset flight before the measures take full effect.
What happens next
The third-country ban proposal now goes to member states for debate. A vote is expected within weeks. Meanwhile, the 14 unnamed companies will be added to the EU's sanctions list once the legal paperwork is finalized — a process that could take days or longer if legal challenges arise. The timing isn't great for the crypto industry, which has been lobbying for clearer rules in Europe.
