The European Union has adopted its 21st sanctions package against Russia, extending transaction bans to 14 cryptocurrency service platforms across six countries and granting itself new authority to block crypto transactions with entire nations that facilitate sanctions evasion.

The transaction ban now covers 14 crypto-related service platforms spread across Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. Several of the targeted platforms are based in Belarus, which the EU identifies as a key node for crypto operations that help Russia bypass existing restrictions.

The EU Council press release confirms the package also imposes asset freezes and prohibits making funds available to 94 Russian banks and major financial institutions, while extending transaction bans to 33 additional Russian credit and financial institutions.

EU foreign policy chief Kaja Kallas confirmed on X that the package targets more than 100 banks and crypto operators, over 40 shadow-fleet vessels, and several oil refineries in both Russia and Belarus.

Belarus in Focus

Belarus features prominently in the new measures because it hosts crypto platforms the EU says facilitate Russian sanctions evasion. The EU also aims to prevent Russia from using Belarus as a financial workaround. The tightening of Belarus-specific restrictions follows the EU's broader sanctions framework against Minsk, in place since 2020 and progressively expanded to mirror measures applied to Russia.

Belarus operates two refineries — Naftan and the Mozyr Oil Refinery. Naftan has been under EU sanctions since the summer of 2022. The latest package adds import bans on goods generating significant revenue for Belarus and export restrictions on military-industry-related items, as detailed in the EU's sanctions against Belarus policy page.

New Country-Wide Crypto Ban Authority

The EU can now block any transaction between a European company or citizen and any crypto provider located in a country deemed to be helping Russia evade sanctions. This country-level power marks a shift from the EU's previous approach of listing individual entities and reflects the rapid evolution of its crypto sanctions toolkit — the 20th sanctions package had already begun broadening transaction bans beyond Russia's borders.

Blockchain analytics firm TRM Labs found that after authorities seized the Russia-linked exchange Garantex in March 2025, the same operators launched a nearly identical replacement called Grinex within months.

The EU explained that listing individual crypto platforms is ineffective because "any further listing of individual crypto asset service providers is therefore likely to result in the set-up of new ones to circumvent those listings."

Old Vector, a company registered in Kyrgyzstan, launched a stablecoin called A7A5 operating on the Tron and Ethereum blockchains. The token enabled users to transfer balances from Garantex to Grinex. The EU had already banned A7A5 in an earlier sanctions round, as previously reported.

The full legal text is available in the Official Journal of the EU.

Energy Measures

The package also freezes the price cap on Russian oil at $44 per barrel for one year, preventing its automatic increase to $58. The G7-led price cap mechanism, in force since December 2022, was designed to restrict Russia's oil revenue while keeping global supplies flowing; this freeze effectively tightens that tool amid continued shadow-fleet activity.