EU expands crypto sanctions on Russia, Belarus

The European Union has dramatically expanded its financial sanctions targeting Russia and Belarus, unveiling a new package of measures that includes a first-of-its-kind power to ban entire countries' cryptocurrency sectors and bars Belarusian nationals from owning or managing EU-based crypto firms. The 21st sanctions package, adopted by the EU Council on July 23, 2026, represents the bloc's largest single batch of individual designations in four years and specifically aims to close crypto channels used to fund Russia's war in Ukraine.

The package extends a transaction ban to 14 crypto service platforms across six countries: Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. It also imposes asset freezes and funding prohibitions on 94 Russian banks and major financial institutions while extending transaction bans to 33 additional Russian credit institutions. EU foreign policy chief Kaja Kallas stated the package targets over a hundred banks and crypto operators, more than 40 "shadow-fleet" vessels, and several oil refineries in both Russia and Belarus.

A key innovation is the creation of a legal instrument allowing the EU to prohibit any...