EU adopts 21st sanctions, adds 94 banks and 14 crypto firms

The European Union has enacted its 21st package of sanctions against Russia, marking the largest expansion of its sanctions list in four years with 218 new designations targeting financial institutions, cryptocurrency platforms, and entities supporting the Russian war effort. The measures, adopted on July 23, 2026, include 48 individuals and 170 entities.

The package significantly broadens financial restrictions, imposing asset freezes and a ban on making funds available to 94 Russian banks and financial institutions. A transaction ban was also extended to 33 additional Russian credit and financial organizations, blocking EU companies and individuals from doing business with them. Four non-Russian banks, including one in Kyrgyzstan linked to Russia's SPFS financial messaging system, were also sanctioned for allegedly helping entities circumvent EU restrictions.

For the first time, the EU is directly targeting cryptocurrency service platforms, imposing transaction bans on 14 providers based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. Authorities stated these platforms enabled Russian-linked transfers that bypassed financial...