The European Union has proposed banning transactions on 11 cryptocurrency platforms as part of its 21st sanctions package against Russia. The move aims to close loopholes allowing Moscow to circumvent restrictions imposed over the war in Ukraine.
Kaja Kallas, Vice President of the European Commission, confirmed the measures target entities facilitating illicit finance. While the specific platforms remain unnamed, the proposal expands beyond traditional banking and energy sectors to include crypto-asset services in third countries.
European Commission President Ursula von der Leyen stated the package also bans 31 additional Russian banks and 20 third-country entities, including oil traders and crypto firms accused of supporting sanctioned individuals.
This development follows recent United Kingdom sanctions against HTX, formerly Huobi Global. UK authorities alleged the exchange supported Russian financial networks, processing billions in high-risk flows linked to sanctioned entities like Garantex. HTX has denied these allegations, asserting operational separation from the sanctioned units.