The European Union approved its 21st package of sanctions against Russia in a crackdown that expands to crypto platforms and foreign intermediaries accused of helping Moscow evade existing restrictions imposed since the war in Ukraine began in 2022.
EU's 21st Russia Sanctions Package Targets Crypto Platforms, Foreign Enablers
24 July 2026 - 08:09 CEST
Biggest package
A 23 Jul statement from the Council of the EU, one of the chief decision-making bodies of the bloc, said the new round comprised 218 individual listings, the largest batch of the last four years, of which 48 were individuals and 170 were entities.
The Council imposed asset freezes and funding bans on 94 banks and financial institutions, and extended its transaction ban to 33 more Russian credit and financial institutions as well as several non-Russian banks accused of helping circumvent sanctions.
The EU has extended its transaction ban to 14 crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus within a broad-ranging sanctions package that also targets financial services, energy, military supply chains, and trade to weaken Russia's war economy.
In a February report, blockchain analytics firm Elliptic identified a Russia-linked 'shadow network' of crypto exchanges that has processed billions of dollars in transactions, with the largest platform, ABCeX, handling at least $11bn. Platforms such as Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro have enabled ruble-to-crypto conversions and cross-border transfers that allow Russian entities to make payments outside traditional banking oversight, helping to circumvent international sanctions.
Closing loopholes
With the 21st package, the EU's 27 member states are broadening measures into crypto and stepping up deterrence on third-country platforms to rein in cross-border digital asset flows linked to sanctioned players. For the first time, the package introduces a legal instrument enabling a full ban on transactions with crypto providers in any third country used by Russia to evade sanctions – a step the Council described as a strong deterrent to countries hosting such platforms.
"We're hitting over a hundred banks and crypto operators, 40+ vessels in Russia's shadow fleet, and several oil refineries in Russia and Belarus," Kaja Kallas, high representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council, said in the Council's statement. She added that the curbs list more than 50 military-industrial entities that include those producing Russia's long-range drones.
Russia's repeated use of long-range drones to hit Ukraine's power system and other civilian infrastructure has become a central feature of its campaign, and the EU points to these strikes as a key reason for tightening sanctions in the latest package.
Adding pressure
"Russia will only negotiate to end its illegal war and stop killing civilians if it is pressured to do so. Sanctions add to this pressure," Kallas said.
According to Chainalysis' 2026 Crypto Crime Report, the value received by sanctioned entities reached $104bn in 2025, up 694% year-on-year, with Russia, Iran and North Korea identified as the dominant drivers of the surge.
Support for Ukraine
The sanctions package follows the 18 Jun European Council conclusions reaffirming support for Ukraine and calling for increased pressure on Russia's war economy. Additional measures adopted 13 Jul addressed human rights abuses, treatment of POWs, and cyberattacks linked to Russia.
Russia began its full-scale invasion of Ukraine in February 2022 with the aim of toppling Ukraine's government and seizing territory. It has failed to achieve a quick victory in the face of strong Ukrainian resistance, leading to a prolonged conflict across the country. Western governments, including the EU, have supplied Ukraine with financial, military and humanitarian support, while imposing successive waves of sanctions on Russia to weaken its ability to fund and wage the war.
