Key facts
- The EU has approved its 21st sanctions package against Russia.
- New sanctions target crypto firms, banks, and oil trading platforms.
- The oil price cap will remain unchanged for the next 12 months.
The European Union has approved its 21st round of sanctions against Russia, expanding restrictions to include digital asset firms, banks, and oil trading websites. The measures aim to weaken Russia's economic capacity to fund its war in Ukraine and maintain the existing oil price cap for another year.
These sanctions represent a significant escalation of financial pressure on Russia, directly impacting its digital asset sector and further isolating its economy. The inclusion of crypto firms signals a growing regulatory focus on the industry's role in circumventing financial restrictions.
The European Union has enacted its 21st round of sanctions against Russia, significantly impacting the digital asset sector. The new measures, approved on July 23, extend restrictions to crypto companies, alongside banks and oil trading websites, as part of ongoing efforts to weaken Russia's economic capacity to sustain its war in Ukraine.
European Commission President Ursula von der Leyen announced the agreement, emphasizing that the sanctions continue to undermine Russia's war effort. The package includes adding 32 more Russian banks to the transaction ban list and maintaining the current oil price cap for an additional 12 months, preventing Russia from benefiting from market fluctuations. President of the European Council, Antonio Costa, also welcomed the deal, highlighting its focus on high-impact sectors like energy, financial services, crypto, and trade.
Beyond financial and energy sectors, the sanctions also target vessels involved in Russia's 'shadow fleet,' which facilitates oil exports through unconventional routes. Additionally, the EU is taking steps towards a formal ban on Russian combatants entering the bloc. These measures come as Russia itself is advancing its own crypto regulation bill.