The European Union approved its 21st sanctions package against Russia on July 23, targeting 14 crypto service platforms and 94 banks and financial institutions over alleged sanctions evasion. EU officials described the measures as the largest group of new listings in four years. The sanctions regime has been a central pillar of the Western response to Russia's full-scale invasion of Ukraine, with successive packages progressively tightening restrictions on Moscow's access to global finance, technology and energy markets.

The package includes 218 individual listings in total, covering 48 people and 170 entities. The measures span financial services, energy, military suppliers and organizations accused of helping Russia bypass existing restrictions.

European Commission President Ursula von der Leyen welcomed the agreement in a post on X.

I welcome the agreement on the 21st sanctions package against Russia. At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia's war effort. We're adding 32 more Russian banks to our transaction ban list. As well… — Ursula von der Leyen (@vonderleyen) July 23, 2026

https://x.com/vonderleyen/status/2080192931957203397?ref_src=twsrc%5Etfw

Crypto Service Platforms Targeted

The 14 crypto platforms covered by the sanctions are based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. EU authorities said the providers enabled Russian-linked transfers that bypassed financial restrictions. Cryptocurrency platforms have emerged as a focus of sanctions enforcement as Western governments seek to close gaps in traditional banking restrictions.

EU operators are now prohibited from conducting transactions with the listed crypto platforms. The Council said not all of the targeted platforms are Russian businesses, and that the measures focus on foreign-based providers accused of facilitating sanctioned transfers.

The package also introduces a new tool allowing the EU to ban crypto-asset services linked to an entire third country. The Council said the power could be used if a country is found to host providers that help Russia evade EU rules. The mechanism marks an escalation from designating individual firms to holding host jurisdictions accountable, broadening the EU's enforcement reach.

Four entities connected to the A7 cross-border payments network were also designated, including firms tied to its activity in Africa. The EU has previously identified third-country payment channels as part of Russia's efforts to maintain access to global financial systems.

Banks, Oil Measures and Shadow Fleet Listings

The 94 listed banks are subject to asset freezes and a ban on receiving funds. The EU also extended its transaction ban to 33 additional Russian credit and financial organizations, preventing EU companies and individuals from doing business with them. The inclusion of a Kyrgyz bank connected to Russia's financial messaging system reflects ongoing efforts to restrict access to SPFS, Russia's domestic alternative to SWIFT, which Moscow has promoted as a workaround after many Russian banks were cut off from the Belgium-based network.

Four non-Russian banks were included in the package. One was identified as a Kyrgyz bank connected to Russia's financial messaging system, while three others were accused of helping entities avoid EU sanctions.

In the energy sector, 41 vessels were added to the shadow-fleet list, bringing the total number of listed ships to 673. The so-called shadow fleet consists of aging, often uninsured tankers used to transport Russian crude above the G7-imposed price cap of $60 per barrel. New rules also apply to ships that provide support services to vessels accused of bypassing the Russian oil price cap.

The adjustment of the Russian oil price cap was frozen until July 15, 2027. Authorities cited disruption linked to the closure of the Strait of Hormuz. An interim review will assess whether the pause remains necessary.

Three Russian refineries and one major Belarusian refinery were also designated. A Georgian refinery in Kulevi will face a transaction ban after a six-month transition period because of its role in processing Russian oil.

Military-linked measures added 56 people and companies to the sanctions list, including 37 listings tied to long-range drone production. Export controls were tightened for 51 entities across China, India, Türkiye, Kazakhstan, Kyrgyzstan and the United Arab Emirates.

Von der Leyen said the sanctions "continue to weaken the economic foundations of Russia's war effort."