The European Union has proposed banning transactions on 11 crypto platforms as part of the 21st sanctions package against Russia. The proposal expands the sanctions framework, which has so far focused mostly around banks and energy revenues, to include crypto companies that are alleged to have helped Moscow circumvent restrictions imposed due to the Ukraine war.
Commission expands scope to include crypto platforms
Kaja Kallas, Vice President of the European Commission and High Representative of the EU for Foreign Affairs and Security Policy, announced that the prepared measures target banks, arms manufacturers, oil traders, refineries and other institutions outside the Union. Kallas, in his post on
Kaja Kallas announced that the EU will tighten the ban on crypto asset services to certain third countries and proposes to ban transactions on 11 crypto platforms.
The European Commission did not share the names of the 11 platforms in question in its public statements. Therefore, it is not yet clear which companies the ban will cover. It was reported that the draft targets structures that are claimed to provide services to sanctioned Russian individuals and institutions or to contribute to circumventing EU measures.
Von der Leyen announced that additional banks and third country institutions are also on the list
European Commission President Ursula von der Leyen said that the new package will ban 31 additional banks in Russia and 20 institutions in third countries. According to von der Leyen, this includes banks, crypto platforms and companies linked to oil trading. As the executive body of the EU, the European Commission is the institution that prepares legislative proposals and creates the technical framework of sanction packages.
Ursula von der Leyen stated that the package includes 31 additional banks in Russia and 20 institutions in third countries, and that the targeted structures are considered to provide services to Russian individuals and organizations under sanctions.
According to the statements, the targeted organizations are considered to provide services to Russian individuals and companies under sanctions or to help circumvent existing EU measures. However, the Commission has not yet made public the detailed justifications for each institution.
Britain’s HTX step caused controversy
The EU’s offer follows the UK’s May 26 decision to impose sanctions on Panama-based Huobi Global SA, which is behind HTX. British authorities stated that there are reasonable grounds to believe that HTX may have provided support to Russian-linked financial networks through financial services and fund flows. In the statement, the transactions carried out with the sanctioned A7 Limited Liability Company and Garantex were pointed out.
HTX denied the accusations and argued that the sanctioned structure was a separate entity from the online exchange. In the Global Ledger report published later, it was stated that approximately $21.06 billion of high-risk crypto flows passed through the platform between 2021 and May 2026, and at least $7.64 billion of this was related to Russia-related high-risk organizations and structures such as Hydra, Garantex, Grinex and A7A5.
Mini dictionary: Tokenization refers to the conversion of real-world assets or financial instruments into digital representations on the blockchain. MiCA, on the other hand, is implemented as the common framework of the European Union regulating crypto asset markets.
Experts warn against extensive marking method
The UK’s enforcement decisions have also drawn criticism from blockchain researchers. Broad approaches that deem an entire exchange high risk can also freeze transactions by legitimate users and reduce the effectiveness of compliance tools used to track down illicit funds, the researchers noted.
On the EU side, details are awaited regarding which platforms the proposal will be applied to and how the bans will be technically implemented. The framework announced at the current stage indicates that the crypto sector has also become a more visible topic in the Russian sanctions debate.
