The European Union has approved a new sanctions package targeting offshore cryptocurrency platforms, banks and payment networks linked to Russia’s alleged sanctions-evasion activity, while also widening restrictions on oil revenue, shadow fleet vessels, refineries, financial institutions and military supply chains.

The measures, adopted on July 23, 2026, form the EU’s 21st sanctions package against Russia and mark the bloc’s largest sanctions expansion in four years. According to the European Council’s official announcement, the package adds 218 individuals and entities to the sanctions list and introduces broader financial restrictions intended to disrupt Russia’s access to international payment channels and critical supply networks:

Cryptocurrency enforcement is a major element of the latest measures. European authorities designated 14 crypto service platforms registered in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus after linking them to payment routes allegedly used to circumvent existing sanctions. The focus on providers outside the European Union reflects a broader sanctions challenge: digital-asset services can be used across borders even when the companies operating them are registered in jurisdictions beyond the bloc’s direct regulatory perimeter.

The updated framework also gives the European Union authority to restrict transactions with crypto platforms operating outside the bloc. Authorities may apply those measures when they determine that a provider is helping Russia avoid financial restrictions. As a result, companies based in the European Union would be barred from transferring funds to, or providing financial services for, those platforms.

Officials also expanded measures related to the cross-border A7 payment network. The package introduces four new designations connected to the network, including links extending into African markets. These measures build on earlier crypto-related sanctions rather than replacing them, adding another layer of compliance obligations for EU firms that interact with payment providers, banks or digital-asset platforms connected to designated networks.

Financial and Energy Measures Expand

Financial institutions are subject to broader restrictions under the latest package. Asset freezes now apply to 94 banks and major financial organizations, while transaction bans have been extended to another 33 Russian lenders.

Authorities also sanctioned one bank in Kyrgyzstan over its connection to Russia’s SPFS financial messaging system. Three additional non-Russian banks were added to the sanctions list as Brussels tightened oversight of cross-border financial activity.

Energy restrictions represent another significant part of the package. European officials suspended automatic adjustments to the Russian oil price cap until July 15, 2027. Officials said the pause is intended to reduce market disruption linked to tensions around the Strait of Hormuz.

The European Union also expanded measures against Russia’s shadow fleet. Authorities added 41 more vessels to the sanctions list, bringing the total number of sanctioned ships to 673. The package also targets eight companies, one individual and a crewing agency connected to those maritime operations.

Sanctions now also cover three Russian oil refineries and one major refinery in Belarus. A refinery in Kulevi, Georgia, will face transaction restrictions after a six-month transition period. European authorities also imposed measures on five oil traders accused of facilitating Russian petroleum exports.

Military Supply Chains Face Additional Export Controls

Defense-related measures were also expanded under the new sanctions package. Authorities added 56 people and companies to the list, including 37 directly linked to long-range drone production.

Another 51 entities now face tighter export controls covering dual-use goods and advanced technology. Restricted products include drone equipment, electronic warfare systems, semiconductor manufacturing tools, industrial metals and specialized alloys.

Several listed companies operate in China, India, Kazakhstan, Kyrgyzstan, Türkiye and the United Arab Emirates. European officials said those businesses supported procurement routes supplying Russia’s defense industry.

Additional sanctions target Russian combatants, propaganda figures and businesses linked to gold, diamonds, mining and metallurgy. Visa restrictions will take effect once the European Council establishes an implementation date. The legal acts supporting the sanctions package have already been published in the EU Official Journal.

The European Union’s latest sanctions package expands restrictions across cryptocurrency, finance, energy, shipping and defense sectors. By extending enforcement beyond the bloc’s borders, Brussels is seeking to limit alternative financial channels and increase pressure on networks supporting Russia’s economy and military operations.