The European Union agreed on its 21st sanctions package against Russia, this time taking direct aim at crypto operators that help Moscow bypass financial restrictions. EU persons are now barred from transacting with 11 unnamed crypto platforms and 94 banks and financial institutions. The move also gives Brussels the power to blacklist an entire country's crypto sector if it's seen as a hub for laundering Russian transactions.
Crypto platforms in Belarus, Nigeria targeted
The 11 crypto operators named in the package mostly operate in Belarus and Nigeria, acting as conduits to funnel money between Russia and countries blocked from doing business with it. The EU had already designated the A7A5 stablecoin earlier this year — a token that acted as a bridge between sanctioned exchanges Garantex and Grinex. The RUBx token and the digital ruble were also added to the sanctions list.
EU gains new power to blacklist entire nations
For the first time, the EU can bar crypto services from an entire nation or jurisdiction if it determines that jurisdiction is a hub for laundering Russian financial transactions. That's a significant expansion of the bloc's enforcement toolkit — one that could reshape how crypto-friendly countries approach compliance with Western sanctions.
HTX sanctioned in May over Russian ties
The UK sanctioned the HTX exchange — formerly known as Huobi — back in May over alleged ties to A7 and Garantex. A Global Ledger report found HTX had processed around $21 billion in 'high-risk' crypto transactions over the last five years, with almost $8 billion tied to Russian actors and darknet markets. The new EU package doesn't name HTX directly, but the earlier UK action signals a broader crackdown on exchanges that let sanctioned entities move money.
Financial and energy measures
Beyond crypto, the package designates 94 financial institutions, including 32 banks and the Moscow stock exchange. Their EU-held assets are frozen and transactions with them are banned. For the first time, the EU is also targeting vessels in Russia's shadow fleet — the tankers used to evade the oil price cap. European Commission President Ursula von der Leyen confirmed the cap is frozen at $44.10 a barrel. Brussels also plans to ban Russian combatants from entering the EU.
