EU adds crypto exchange HTX to Russia sanctions package

The European Union has added the cryptocurrency exchange HTX to its latest sanctions package targeting Russia, marking a significant escalation in Western efforts to restrict financial networks allegedly used to circumvent restrictions over the war in Ukraine. The measures, adopted on July 23 and made public on July 24, prohibit EU operators from transacting with HTX starting August 23, though they stop short of a full asset freeze.

The sanctions list HTX, formerly known as Huobi, among 18 crypto-asset service providers based outside the EU that authorities accuse of "significantly frustrating" the bloc's prohibitions against Russia. The package also targets banks, oil traders, energy revenue channels, and vessels linked to Russia's shadow fleet. Officials stated the listed crypto firms allegedly helped Russian users bypass existing sanctions, facilitating a financial lifeline for Russia's war effort.

This action follows similar restrictions imposed by the United Kingdom in May. British authorities sanctioned HTX's parent entity, Huobi Global S.A., alleging it provided financial services to entities linked to Russia's financial system, including the A7 cross-border payments...