On April 23, the EU Council adopted the 20th sanctions package against Russia, bringing direct restrictions to the crypto market. Featuring 120 new individual designations, the package is the largest in terms of personal sanctions in two years. This time, the crypto block acts as a systemic measure rather than a targeted one.
Digital Assets Enter the Sanctions List
Facing massive sanctions on its banking sector, Russia is increasingly pivoting to digital assets for international settlements, and Brussels is paying attention. In response, the EU is imposing a complete sectoral ban on Russia-registered crypto providers and platforms that handle the transfer and exchange of digital assets.
A Kyrgyz entity trading the state stablecoin A7A5 fell under specific restrictions. At the same time, transactions with another cryptocurrency, RUBx, are frozen, and any EU support for developing the digital ruble is now strictly prohibited. Authorities also shut down mutual settlement deals involving Russian agents, which were the most common workarounds used to bypass sanctions.
Transaction Ban Hits Banks and Third Countries
The transaction ban now covers 20 Russian banks. Four more financial institutions from third countries face restrictions for helping evade sanctions or for tying into the Russian SWIFT alternative (SPFS). Regulators are launching a similar block for Belarus: crypto and cybersecurity measures now apply identically to the Belarusian market.
Read Also: