The EU targets 14 crypto operators and 94 banks in Russia for sanctions

The European Union has targeted 14 crypto service platforms and 94 banks and financial institutions under its 21st sanctions package against Russia.

According to the Council of the European Union, these measures include crypto providers based in Georgia, Panama, United Arab Emirates, Marshall Islands, Kyrgyzstan and Belarus. EU authorities have linked the platforms and resources used by Russia to circumvent existing financial restrictions.

Received on July 23, the package contains 218 listings, including 48 individuals and 170 organizations. The Council described it as the EU’s largest group of new lists in four years, which includes financial services, energy, military suppliers and organizations suspected of supporting sanctions evasion.

EU High Representative Kaja Kallas said the bloc is targeting more than 100 banks and crypto operators, more than 40 Russian shadow vessels and several refineries in Russia and Belarus. Kallas also linked more than 50 of the new series with the Russian military and industrial sector and the production of long-range drones.

Financial restrictions include asset freezes and bans on making money available to 94 listed banks and major financial institutions. Separately, the Council extended its ban on transactions to 33 other Russian credit and financial institutions, preventing EU companies and individuals from doing business with them.

Four non-Russian banks also face bans on transactions under the package. The Council identified one as a Kyrgyz bank linked to Russia’s System for Transfer of Financial Messages, or SPFS, while accusing three other foreign banks of helping organizations evade EU sanctions.

Crypto routes are facing a direct transaction ban

For crypto companies, the package prevents EU operators from making transactions through service platforms listed in 14. The Council did not present all of them as Russian businesses, instead focusing on providers in foreign jurisdictions that it claims enable Russian-linked transfers.

The Council also added four names linked to the A7 cross-border payment network, including organizations linked to its work in Africa. EU authorities have previously identified third-country payment channels as part of Russia’s efforts to maintain access to international financial services after sanctions restricted its banking sector.

In addition to the ban on individual platforms, the package offers the EU a way to ban crypto-asset services linked to a third country. The Council said it could use powers when the country owns crypto providers that help Russia avoid EU restrictions.

Under the new instrument, the bloc could block transactions between EU operators and crypto providers used by Russia. The Council introduced the measure as a deterrent for jurisdictions that allow licensed payment gateways to continue operating through location-based platforms.

The offer extends to the limits introduced in previous packages. The official overview of the EU sanctions says that the existing financial measures already cover the central bank of Russia, more than 100 Russian banks, specified crypto transactions and services involving crypto wallets, accounts or storage.

EU laws also prohibit Russian nationals or citizens from owning or controlling companies that provide crypto wallet, account or custodial services. According to the Council, these controls are intended to limit the use of crypto businesses to avoid restrictions applied to traditional financial institutions.

Energy income faces severe restrictions

Apart from the funds, the Council added 41 vessels to the EU shadow vessel list, taking the total number covered by the relative restrictions to 673. The latest rules also apply to vessels that provide bunkering or other support services to vessels suspected of rigging Russian oil prices.

Eight companies and one individual linked to shadow-fleet operations were also listed. For the first time, the Council included an agency suspected of aiding the vessels, as well as companies that EU authorities said were working for Russian oil producers.

Within the oil sector, the package appoints 18 organizations and one individual. The list includes three Russian refineries, the main refinery in Belarus and a company created to sell Belarusian petroleum products within Russia, according to the Council.

Georgia’s Kulevi refinery will face a trading ban after a six-month transition period because of its role in trading and processing Russian oil. The EU also placed five oil exporters under a trade embargo for allegedly undermining restrictions on purchases of Russian crude and fuel products.

Amid the disruption caused by the closure of the Strait of Hormuz, the Council temporarily suspended the automatic adjustment of the price of Russian oil until July 15, 2027. The EU authorities will carry out a temporary review to determine whether the suspension remains necessary and proportionate.

The military-linked moves add 56 people and companies linked to Russia’s defense industry, including 37 listings tied to long-range drone production and supply chains. The Council also placed 51 enterprises under strict export control of dual-use goods and technology, including companies from China, India, Türkiye, Kazakhstan, Kyrgyzstan and the UAE.

Trade restrictions include materials and equipment used in aircraft, drones, missiles and engine bays that are resistant to corrosion. The package also limits imports worth more than 60 million euros a year, including certain metals, metals, glass and auto parts that the Council has identified as sources of Russian income.