EU proposes ban on non-EU crypto platforms aiding Russia

The European Commission on Tuesday proposed a 21st sanctions package that would expand transaction bans to 20 non‑EU entities and consider a country‑level prohibition on non‑EU crypto platforms that assist Russia in evading sanctions.

The proposal targets non‑EU banks, crypto trading venues and oil traders that have provided services to sanctioned Russian individuals and companies. The list of specific firms would be added to the EU's existing transaction ban regime.

Commission President Ursula von der Leyen said the package focuses on high‑impact sectors, including finance and crypto. She described the package as “It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions.”

Under the proposal, the commission could, for the first time, block all crypto services from entire non‑EU countries if those jurisdictions host platforms used to bypass EU measures. The measure would require member states to agree on the text and then implement the bans.

Blockchain analytics firms reported that illicit crypto addresses received $154 billion in 2025, including $93.3 billion in transactions tied to a ruble‑pegged stablecoin. Separate research identified five exchanges that provided pathways shielded from traditional banking oversight and that helped facilitate sanctions evasion.

Regulators in Europe and the UK have taken enforcement actions in recent months. The UK's Financial Conduct Authority last month sanctioned HTX, formerly Huobi Global, for services judged to have supported the Russian government. The commission's proposal follows such national steps and is aimed at closing gaps where sanctioned actors shift activity to jurisdictions outside the EU's direct reach.

The 21st package also expands measures beyond crypto. It names oil vessels and, for the first time, blacklists Russian fisheries. The commission presented these measures as intended to weaken sources of revenue that support Russia's military operations. “Our sanctions keep biting hard and cutting deep,” von der Leyen added.

If adopted, a country‑level ban on crypto services could oblige EU firms to block interactions with entire jurisdictions' crypto platforms, not only individual exchanges. Member states would enforce the new prohibitions under the EU's existing toolkit of asset freezes and transaction bans.

Russia is preparing a domestic crypto framework expected in July that would create licensed trading platforms inside the country. The EU proposal and Russia's regulatory plans mean new enforcement actions and rules are developing on both sides.