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Key Takeaways
- EU banned transactions with 14 offshore crypto platforms tied to Russia sanctions evasion.
- The package expands crypto sanctions to third country providers used by Russia.
- The wider crackdown adds 218 listings and new curbs on banks and shadow fleet vessels.
The European Union (EU) adopted a new Russia sanctions package on July 23, extending transaction bans to 14 crypto-related service platforms based outside the bloc. The measures target offshore crypto services, banks, shadow-fleet vessels and military suppliers accused of helping Russia bypass restrictions imposed after its invasion of Ukraine.
EU Adds 14 Crypto Platforms to Transaction Ban
The Council of the EU said the transaction ban applies to crypto-related service platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. The Council did not name the platforms in its press release but said they were being used to help Russia evade sanctions.
The package also gives the EU a new way to block transactions with crypto providers in any third country when those providers are used by Russia to avoid restrictions. That expands the bloc’s crypto sanctions beyond services established in Russia, which were already targeted in March 2026.
For EU-regulated firms, the measure widens the compliance burden around crypto flows tied to Russia. Screening now has to cover not only Russian counterparties but also offshore platforms that may be routing payments on their behalf.
EU Freezes 94 Banks and Extends Ban to 33 Institutions
The sanctions package also adds pressure on Russia’s financial system. The Council imposed asset freezes and funding bans on 94 banks and major financial institutions and extended transaction bans to 33 more Russian credit and financial institutions.
The EU also targeted several non-Russian banks accused of helping Russia move money around sanctions. That includes a Kyrgyz bank connected to Russia’s System for Transfer of Financial Messages, known as SPFS, and other institutions involved in cross-border payment channels.
Researchers Trace Billions Through Russia-Linked Crypto Services
The crypto restrictions follow months of attention on Russia-linked platforms that convert rubles into crypto and support cross-border payments. Separate Elliptic research in February identified Russia-linked services including Bitpapa, ABCeX, Exmo.me, Rapira and Aifory Pro, but the EU press release did not name the 14 platforms covered by the July 23 package.
ABCeX processed at least $11 billion in crypto assets, according to Elliptic. The firm also said Rapira had direct flows to and from sanctioned exchange Grinex totaling more than $72 million, while Exmo.me had sent more than $1 million directly to Garantex.
Chainalysis has also flagged the scale of sanctioned crypto activity. Its 2026 Crypto Crime Report said sanctioned entities received $104 billion in 2025, up 694% from the previous year, with Russia, Iran and North Korea driving much of the increase.
EU Adds 218 Listings in Largest Batch in Four Years
The Council described the package as the largest batch of individual listings in four years. It added 218 listings in total, covering 48 individuals and 170 entities.
The wider package also added 41 vessels to restrictions on Russia’s shadow fleet, on top of 632 already sanctioned. It also targeted oil-sector entities, refineries, drone-linked companies, military suppliers and groups accused of spreading Russian war propaganda.
EU Expands Sanctions Reach to Offshore Crypto Providers
The crypto measures are aimed at services that sit between Russian users, offshore liquidity and cross-border payments. Crypto platforms used for can help move funds outside traditional banking channels, especially when sanctioned actors are cut off from banks and payment systems.
The new tool gives the EU more room to target those services when they operate outside Russia. Whether it changes actual flows will depend on how quickly exchanges, custodians and payment firms identify exposure to listed platforms and block related transactions.
For now, the clearest change is that crypto providers outside Russia are becoming a direct sanctions target. The EU is no longer focusing only on Russian crypto infrastructure but also on foreign platforms accused of keeping those routes open.
