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- The EU’s 20-member sanctions package includes the ban on 20 Russian banks and four financial institutions in third countries linked to sanctions violations.
- For the first time, the bloc has imposed a blanket ban on Russian crypto service providers and platforms, as well as a ban on activities related to RUBx and support for the digital ruble.
The European Union has approved its 20th sanctions package Russiaand this time the crypto sector is no longer on the edge of the scales. They are directly in them.
New pack, depending on on April 23, includes sanctions on 20 Russian banks and targets four financial institutions in third countries accused of helping to circumvent EU sanctions or communicating with Russian banking communications. In parallel, the bloc has increased pressure on other financial institutions in Moscow, including crypto-railways.
Brussels moves from wish list to crypto ban across the board
The most interesting change is the move by the EU to a total ban on the platforms that provide and platforms established in Russia that enable the transfer or exchange of crypto-assets. This is a reasonable step up from previous sanctions, which tended to focus on specific entities or small groups of events. Under the new framework, the restriction is wider and more consistent.
The package also adds new restrictions on RUBx, the rouble-linked crypto-asset, and EU-backed bars on the growth of the digital rouble, the Russian bank’s digital currency. The European Commission’s Q&A says the bloc is now banning the use of RUBx and the digital ruble as part of an effort to close down evasion channels before sanctions are imposed.
A7A5’s links with Kyrgyz show how sanctions follow new payment methods
EU officials have also pointed to Russia’s reliance on crypto growth in international affairs as economic sanctions are growing. In this case, the bloc chose a Kyrgyz organization operating on the platform where significant volumes of the state-backed stablecoin A7A5 are traded. Reuters reported that the package also marks the first use of the EU’s anti-terrorist weapon against trade flows related to Kyrgyzstan.
The message from Brussels is clear. Russia’s financial workarounds are growing, and the EU is now trying to approve not only the main measures, but also the crypto infrastructure and cross-border networks that were built to change them.
