The European Union proposed banning transactions on 11 crypto platforms as part of its 21st sanctions package against Russia. The measures seek to expand sanctions aimed at networks accused of assisting Russia in evading existing restrictions.
Kaja Kallas, vice president of the European Commission, announced the measures, which also target banks, weapons manufacturers, oil traders, and refineries. Kallas stated, “We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms.”
The proposal is designed to broaden the EU’s sanctions beyond Russian banks and energy revenues to include crypto firms allegedly helping Moscow circumvent sanctions related to its war in Ukraine. However, the European Commission did not disclose the names of the 11 crypto platforms targeted by this ban.
European Commission President Ursula von der Leyen added that the sanctions package involves bans on 31 additional Russian banks and 20 entities in third countries, including other banks, crypto platforms, and oil traders. Von der Leyen noted that these targets are entities that have aided sanctioned Russian individuals or helped circumvent EU measures.
This proposal comes in the wake of the United Kingdom’s May 26 sanctions against Huobi Global S.A., the company behind HTX, for alleged support of Russia-linked financial networks. UK authorities expressed reasonable grounds to suspect that HTX facilitated support for the Russian government via financial services linked to A7 Limited Liability Company and Garantex, both of which are under sanctions.
HTX denied the allegations, asserting that the sanctioned entity is separate from its operations. A report by Global Ledger indicated that HTX processed approximately $21.06 billion in high-risk crypto flows from 2021 to May 2026, with at least $7.64 billion associated with Russian high-risk entities and darknet markets, including Garantex and its successor Grinex, A7A5, and Hydra.
Critics from the blockchain research community have warned that the UK sanctions could adversely affect legitimate users and undermine the effectiveness of crypto compliance tools in tracking illegal funds.
