The European Union has extended its sanctions against Russia by targeting 14 cryptocurrency platforms suspected of enabling sanction evasion, alongside 94 financial institutions and additional banking restrictions.
New Crypto Bans and Financial Institution Sanctions
On Thursday, the EU approved its 21st sanctions package, aiming to cut off financial channels that support Russia's war economy. The sanctions now include a sweeping ban on transactions involving 14 crypto platforms accused of helping Russia bypass restrictions. While the EU has not publicly named these platforms, it identified six jurisdictions where they operate.
In addition to crypto restrictions, the package expanded banking sanctions by listing 94 financial organizations, primarily Russian. Thirty-three more Russian banks were barred from using the SWIFT payment messaging system, further isolating Russia's financial network.
Broader Impact and Energy Measures
The sanctions package designates a total of 218 new entities and individuals, including over 100 banks, crypto operators, shadow-fleet vessels, and refineries in Russia and Belarus. These entities face asset freezes, travel bans, and transaction prohibitions. EU foreign policy head Kaja Kallas described it as the most extensive list of sanctions in four years.
The package builds on previous moves against Russia-linked crypto networks, including earlier measures against ruble-pegged digital payment systems like A7A5 and RUBx. For example, the UK separately sanctioned Huobi Global in May for alleged support of crypto platforms linked to Russian evasion efforts. Blockchain analytics firm Global Ledger estimated that Huobi’s HTX platform processed over $21 billion in risky cryptocurrency transactions between 2021 and mid-2026, with more than $7.6 billion tied to Russian high-risk actors and darknet markets.
Energy sanctions also play a key role. The EU froze the Russian oil price cap at $44.10 per barrel for the next 12 months. This move prevents any automatic price adjustments that could increase revenue for Moscow, aiming to maintain pressure on Russia’s energy exports.
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