EU to seek 21st Russia sanctions package with power for third-country crypto service bans

The proposal would target 11 crypto platforms accused of helping Russia evade sanctions and tighten restrictions on about 90 Russian banks, including full transaction bans on 31 lenders.

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48d ago

Fact Check

Reuters and the official European Commission statement both confirm the EU proposed its 21st sanctions package against Russia, targeting roughly 90 Russian banks and 11 crypto platforms, consistent with the core claim. The specific figure of 31 banks facing a full transaction ban and the explicit 'third-country crypto service bans' authority are not directly verified in the provided source summaries, but the overall framing aligns closely with the verified reporting.

Summary

The European Union is preparing a 21st sanctions package against Russia that would expand its enforcement toolkit to include powers for full third-country bans on crypto-asset services and direct restrictions on 11 crypto platforms. EU foreign policy chief Kaja Kallas said the platforms are alleged to have helped Russian authorities and companies bypass international sanctions, while European Commission President Ursula von der Leyen said the measures are intended to increase pressure on entities supporting Russia’s international financial channels. The package would also impose additional limits on about 90 Russian banks, with 31 facing a full transaction ban. Separately, Bitcoin briefly fell below 62,000 USDT and was down 1.98% over 24 hours as ETH, SOL and XRP also declined, while Morpho announced a $175 million funding round led by a16z Crypto, Paradigm and Ribbit Capital.

Terms & Concepts

sanctions package: A bundle of economic restrictions imposed by governments
crypto-asset services: Services for trading, custody, or transfer of digital assets
transaction ban: A prohibition on carrying out financial dealings with designated entities