EU 21st Sanctions Package Targets Russian Banks and Crypto Platforms

The European Union is advancing a new round of sanctions against Russia, directly targeting the financial and cryptocurrency sectors.

EU ambassadors are negotiating the 21st sanctions package, which would impose transaction bans on 35 banks, including four outside Russia. This would bring the total number of sanctioned Russian banks to over 100.

Asset freezes would be extended to individuals and entities tied to Russia's military, energy, and maritime industries.

Crucially, the package targets 11 unnamed crypto platforms. These platforms, primarily operating in third countries like Belarus and Nigeria, allegedly allow Russian entities to move money to evade existing sanctions.

A key sticking point in negotiations involves Greece and the Russian oil price cap. The proposed compromise would temporarily freeze the cap at $44.10 per barrel.

The EU sanctions regime began in 2014 following Russia's annexation of Crimea and escalated dramatically after the full-scale invasion of Ukraine in 2022.