EU’s 21st Russia Sanctions Hit 100+ Crypto Platforms and Banks

The European Union has approved its 21st sanctions package against Russia in four years, and crypto platforms are now directly in the spotlight. More than 100 banks and crypto operators have been hit with this news restrictions as the EU tightens its grip on Russia’s financial network and cuts off new ways to avoid sanctions.

EU Targets Crypto Platforms in New Russia Sanctions

The European Union has officially approved its 21st sanctions package against Russia, expanding restrictions across banks, crypto platforms, energy companies and military suppliers.

According to EU officials, the new package places 94 Russian financial institutions, including the Moscow Exchange, under full sanctions. It also bans transactions involving more than 100 banks and crypto operators that are accused of helping Russia avoid earlier sanctions.

EU Foreign Policy Chief Kaja Kallas called it the bloc’s largest sanctions package since the war in Ukraine began.

“We are hitting Putin where it hurts most: cutting off the financial lifelines he relies on to sustain his war.”

The package also freezes the assets of more than 50 military industrial companies, including businesses involved in producing Russia’s long range combat drones.

EU Tightens Crypto Rules Beyond Russia

European individuals and companies are now completely banned from sending money or doing business with 11 major crypto platforms accused of helping Russia bypass sanctions. These exchanges will effectively lose access to European users and liquidity.

The EU has also created a new legal tool that allows it to block crypto services at the country level for the first time.

If a non-EU country allows crypto platforms to help Russian businesses avoid sanctions and refuses to stop them, the EU can restrict crypto services connected to that country’s entire crypto industry.

Oil Price Cap Frozen as Shadow Fleet Faces New Pressure

Along with the crypto restrictions, the EU has frozen the Russian oil price cap at $44.10 per barrel for the next 12 months.

Officials said this prevents the cap from automatically increasing to around $58 per barrel, which could have boosted Russia’s oil revenue during recent market volatility.

For the first time, the sanctions also target more than 40 vessels linked to Russia’s so called shadow fleet, which has been used to transport oil outside international restrictions.

European Commission President Ursula von der Leyen welcomed the agreement, saying the sanctions will continue weakening Russia’s ability to finance the war.

“At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort.”

Kallas also confirmed that this will not be the final package, saying the EU is already working on additional sanctions if Russia further escalates the conflict.