The European Union has added 14 crypto service platforms from six countries, including Belarus, to its latest sanctions package targeting Russia. This move is part of the EU's 21st round of measures aimed at cutting off channels that help Russia circumvent financial restrictions related to the war in Ukraine.
Broader Sanctions and New Powers
Belarus plays a significant role in the EU's strategy given its hosting of crypto platforms that allegedly support Russia in bypassing sanctions. The EU now possesses unprecedented authority to block crypto services across an entire country if it is found to facilitate Russia’s sanction evasion.
Besides the crypto platforms banned, the package includes asset freezes and bans on making funds available to over 90 Russian banks and financial institutions. The restrictions also extend to 33 additional credit institutions and major players in Russia’s oil refining sector, including operations in Belarus such as the Naftan and Mozyr refineries.
EU foreign policy chief Kaja Kallas confirmed via social media that the sanctions target more than 100 banks and crypto operators, over 40 shadow-fleet vessels, and several oil refineries linked to Russia and Belarus. plus import bans were placed on goods that generate significant revenue for Belarus, alongside export restrictions on military-related items.
The EU’s new capacity to prohibit transactions with any crypto provider in countries aiding Russian sanction circumvention comes after blockchain analytics firm TRM flagged recurring patterns of such activity.
