Key facts
- The EU has proposed its 21st sanctions package against Russia.
- The package includes expanding transaction bans to 20 non-EU entities like banks and crypto platforms.
- The EU may impose a country-level ban on crypto services from nations aiding Russian sanctions evasion.
- This move aims to deter countries that host platforms facilitating Russia's evasion of sanctions.
- Russia-linked crypto transactions accounted for a significant portion of illicit crypto activity in 2025.
The European Union has proposed its 21st sanctions package against Russia, focusing on high-impact sectors including financial and crypto restrictions. European Commission President Ursula von der Leyen announced the plan, which aims to expand transaction bans to 20 non-EU entities, including banks, crypto platforms, and oil traders that have been servicing sanctioned Russian entities and individuals.
Furthermore, the Commission may introduce, for the first time, a full country-level ban on crypto services from non-EU countries that host platforms helping Russia evade sanctions. Von der Leyen stated this would act as a strong deterrent.
The proposed measures come amid rising illicit crypto activity, with total value received by illicit crypto addresses reaching $154 billion in 2025, according to Chainalysis. Russia-linked transactions constituted a significant portion of state-linked crypto activity, evidenced by $93.3 billion in transaction volume for the ruble-backed stablecoin A7A5.
Earlier this year, blockchain research firm Elliptic identified five crypto exchanges facilitating Russia's sanctions evasion. The UK's Financial Conduct Authority also sanctioned HTX, formerly Huobi Global, for supporting the Russian government.
Russia is reportedly preparing a comprehensive crypto regulatory framework for July, establishing licensed domestic trading platforms. Beyond crypto, the 21st package targets Russia's energy and trade sectors, blacklisting Russian fisheries for the first time.