The European Union agreed on Thursday to its 21st sanctions package against Russia, introducing its toughest crypto-related restrictions to date. Under the new measures, EU persons are barred from transacting with 11 unnamed crypto operators and 94 banks and financial institutions.

The EU has not disclosed the names of the 11 crypto platforms. However, it said they operate mainly in Belarus and Nigeria and are being used as conduits to move money between Russia and countries that are blocked from doing business with it. The focus on crypto services reflects a broader sanctions-evasion concern: digital-asset platforms can be used alongside banks, intermediaries and offshore entities to route funds across borders when direct financial channels are restricted.

The latest package marks a significant expansion of Brussels’ sanctions authority. Previously, the EU was limited to targeting individual firms. It can now bar crypto services from an entire country or jurisdiction if that location is considered a hub for laundering Russian financial transactions, a new step in efforts to counter sanctions evasion.

Stablecoins and the Garantex Trail

The measures are the latest in a series of actions aimed at tightening restrictions on crypto services linked to the ruble. Earlier this year, the A7A5 stablecoin was designated after acting as a bridge between sanctioned exchanges Garantex and Grinex. The RUBx token and the digital ruble were also designated.

The designations show how regulators are increasingly looking beyond centralized exchanges to the tokens and payment rails that may connect sanctioned entities. Stablecoins, in particular, are closely watched because they can be transferred quickly and may be used to settle transactions outside conventional correspondent banking networks.

The UK moved in parallel in May, sanctioning HTX, formerly Huobi, over alleged ties to A7 and Garantex. A Global Ledger report found that HTX had processed about $21 billion in “high-risk” crypto transactions over the past five years, with almost $8 billion linked to Russian actors and darknet markets.

Banks, Oil and the Shadow Fleet

The sanctions package designates 94 financial institutions, including 32 banks and the Moscow stock exchange. The measures freeze their assets held in the EU and ban transactions with them. The package also targets vessels in Russia’s shadow fleet for the first time, widening the package from financial channels to the maritime networks used to keep Russian oil moving despite Western 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

Von der Leyen also confirmed a freeze on oil cap prices at $44.10 a barrel “so that the Russian war machine does not benefit from market shocks.” She added that Brussels also plans to ban Russian combatants from entering the EU.