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The European Union has proposed banning transactions with 11 crypto platforms as part of its 21st sanctions package against Russia, extending its financial restrictions beyond banks, oil traders and defence-linked companies.
The proposal targets platforms accused of helping Russia move money around Western restrictions. The European Commission has not publicly named the 11 platforms, leaving exchanges, compliance teams and sanctions lawyers waiting for the final legal text.
21st Package Lists 170 People and Entities
EU foreign policy chief Kaja Kallas said the package would list 170 individuals and entities. Nearly 90 banks would be added to the sanctions list, bringing the total number of sanctioned banks to more than 100.
The package also proposes transaction bans on 35 banks, including four outside Russia. The crypto measures sit inside a wider effort to target financial networks that Moscow uses after earlier sanctions cut large Russian banks off from Western payment channels.
EU Seeks Third-Country Crypto Services Ban
European Commission President Ursula von der Leyen said the package would create the possibility of a full third-country ban for crypto-asset services. The measure is aimed at countries that host platforms accused of helping Russia avoid EU sanctions.
It would let Brussels act against crypto service hubs outside the bloc when they are accused of supporting Russian sanctions evasion, instead of targeting only individual entities after the fact.
20th Package Hit A7A5-Linked Rails
The new proposal follows the EU’s 20th sanctions package, which introduced a sectoral ban on Russian providers and platforms that allow crypto transfers and exchange. That package also targeted a Kyrgyz entity linked to trading in the A7A5 stablecoin.
The Council said at the time that Russia was relying more on crypto for international transactions because of sanctions on its financial sector. It also banned transactions in RUBx and EU support for the development of the digital rouble.
Member States Must Approve 21st Package
The 21st package still needs unanimous approval from EU member states before the measures take effect. The package was set to be discussed by EU ambassadors after the Commission presented the plan.
For crypto firms, the next step is the final sanctions text. That will show whether the 11 platforms are Russian, third-country operators or a mix of both, and whether the EU’s new third-country crypto tool becomes part of the adopted package.
