The EU has unveiled a new sanctions package against Russia, targeting 14 crypto firms and freezing assets of 94 banks, amid rising concerns over sanctions evasion.
The European Union has announced an extensive new sanctions package aimed at Russia, specifically targeting 14 undisclosed cryptocurrency firms connected to a $120 billion network designed for sanctions evasion.
New Measures Against Crypto Firms and Financial Institutions
This 21st sanctions package introduces a transaction ban on these crypto service providers, with a focus on firms located in countries like Georgia, the UAE, and Panama. Additionally, it aims to create a framework that could lead to a comprehensive ban on all crypto services associated with Russia.
Alongside these measures, the EU is freezing assets and prohibiting transactions for 94 banks and significant financial institutions, while expanding the transaction ban to an additional 33 Russian credit and financial entities.
The sanctions specifically address the A7 cross-border payments network, which has been linked to the A7A5 stablecoin. This network has facilitated nearly $120 billion in transactions, primarily aimed at circumventing international sanctions against Russia.
Kaja Kallas, the EU's High Representative for Foreign Affairs, stated, "We are targeting over a hundred banks and crypto operators, more than 40 vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus."
This announcement follows the Russian State Duma's recent approval of legislation to regulate cryptocurrency, which aims to establish a legal framework for exchanges and digital asset providers, set to take effect on September 1.
The EU's latest sanctions come just days after this legislative move, highlighting the bloc's commitment to countering Russia's reliance on cryptocurrencies for international financial transactions.
