EU adopts 21st sanctions package targeting Russian crypto

The European Union has agreed to its 21st package of sanctions against Russia, significantly expanding financial restrictions to include cryptocurrency platforms and dozens of banks while freezing the price cap on Russian oil. EU ambassadors reached the political agreement on July 23, 2026, marking the bloc's latest effort to weaken Russia's economy and curtail its ability to finance its war in Ukraine.

The new measures target 11 unnamed cryptocurrency platforms, most of which are believed to operate in Belarus and Nigeria, acting as conduits for moving money between Russia and jurisdictions blocked from doing business with it. For the first time, the EU has granted itself the authority to ban crypto services from an entire country or jurisdiction if it is viewed as a hub for laundering Russian financial transactions. The package also places 94 Russian financial institutions, including the Moscow Exchange, under full transaction bans, with 32 of those banks being disconnected from the SWIFT messaging network.

European Commission President Ursula von der Leyen stated the sanctions continue to weaken the economic foundations of Russia's war effort. She confirmed the oil price cap...