The EU's new sanctions package targets crypto exchanges, aiming to prevent sanctions evasion and includes asset freezes on banks.
The European Commission has unveiled its latest sanctions package against Russia, marking the 21st iteration and focusing on financial services, trade, energy, and crypto assets.
This new set of measures includes the freezing of assets belonging to nearly 90 banks and imposes transaction bans on over 30 credit institutions, both in Russia and other nations.
A significant aspect of the package is its focus on the cryptocurrency sector, proposing to include 11 crypto platforms that are suspected of aiding in the evasion of sanctions.
Ursula von der Leyen, President of the European Commission, announced intentions to create a mechanism that could enforce a complete ban on crypto services from third countries if they are found to be helping lift sanctions.
The proposal also includes a six-month extension of the current price cap on Russian oil, set at $44.1 per barrel, along with restrictions targeting shadow fleets and traders from third countries.
For the first time, the sanctions will impose import restrictions on certain fish products and high-performance metal alloys essential for defense and aerospace sectors.
This proposal is slated for discussion at the upcoming meeting of the Committee of Permanent Representatives of EU countries (Coreper II) on June 10, requiring unanimous approval from all 27 EU member states.
In January, the U.S. had already imposed sanctions on bitcoin exchanges due to their ties with Iran.
