The proposal expands restrictions to include crypto firms aiding sanctioned Russian entities or evading EU measures.
The European Commission proposed banning 11 unnamed crypto platforms as part of broader sanctions against Russia. The package also targets 31 additional Russian banks and 20 third-country entities, including oil traders, accused of supporting sanctioned individuals or circumventing EU restrictions.
The move follows the UK’s May 26 sanctions on Huobi Global, linked to $21.06 billion in high-risk crypto flows between 2021 and May 2026. Of that, $7.64 billion was tied to Russian high-risk entities and darknet markets, including Garantex and Hydra. HTX denied involvement, calling the sanctioned entity separate from its exchange.
Blockchain researchers criticized the UK’s broad sanctions, warning of unintended consequences. The EU’s proposal reflects escalating efforts to curb crypto-based evasion of financial restrictions.