The European Union expands restrictions to 14 crypto platforms and 94 financial institutions to curb Russia’s sanctions evasion efforts.
The European Union adopted its 21st sanctions package against Russia, targeting a $120 billion crypto network linked to cross-border payments and sanctions evasion. The measures include bans on 14 unnamed crypto service providers in Georgia, the UAE, Panama, and other jurisdictions, alongside restrictions on the A7 network and its A7A5 stablecoin.
The latest package extends transaction bans to 33 additional Russian financial institutions and freezes assets of 94 banks. It also introduces tools to potentially block all crypto-asset services used by Russia, marking the first time the EU has considered such a broad ban on third-country providers.
Chainalysis data cited in the sanctions highlights the A7 network’s role in processing nearly $120 billion, designed specifically to bypass restrictions. The EU’s move follows growing concerns over Russia’s use of digital assets to mitigate economic pressure.