The European Union agreed on Thursday to its 21st sanctions package against Russia. EU persons are now barred from transacting with 11 unnamed crypto operators and 94 banks and financial institutions.
While names of the 11 crypto platforms have been withheld, the EU has revealed that they mostly operate in Belarus and Nigeria, acting as conduits to funnel money between Russia and countries blocked from doing business with it.
Previously, Brussels was limited to sanctioning individual firms. It now has the power to bar crypto services from an entire nation or jurisdiction if it is viewed as a hub for laundering Russian financial transactions, an unprecedented development in the battle against sanctions evasion.
Stablecoins and The Garantex Trail
This package is the latest in a series of moves to tighten the net on crypto services tied to the ruble. Earlier this year, the A7A5 stablecoin, which acted as a bridge between sanctioned exchanges Garantex and Grinex, was designated, followed by the RUBx token and digital ruble.
The UK moved in parallel, sanctioning the HTX (formerly Huobi) exchange 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 5 years, with almost $8 billion of it tied to Russian actors and darknet markets.
Broad Scope: Banks, Oil And The Shadow Fleet
The package designates 94 financial institutions, including 32 banks and the Moscow stock exchange, freezing their EU-held assets and banning transactions with them. It also targets vessels in Russia’s shadow fleet for the first time.
I welcome the agreement on the 21st sanctions package against Russia.
At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort.
We’re adding 32 more Russian banks to our transaction ban list.
As well…
— Ursula von der Leyen (@vonderleyen) July 23, 2026
European Commission President Ursula von der Leyen confirmed a freeze on oil cap prices at $44.10 a barrel ‘so that the Russian war machine does not benefit from market shocks,’ adding that Brussels also plans on banning Russian combatants from entering the EU.
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