The European Union has proposed banning transactions on 11 cryptocurrency platforms as part of its 21st sanctions package targeting Russia. This move expands the EU’s previous sanctions beyond banks and energy revenues, aiming at crypto firms allegedly helping Moscow circumvent restrictions related to the ongoing war in Ukraine.
The EU’s new package zeroes in on crypto platforms
Kaja Kallas, Vice President of the European Commission and the EU’s High Representative for Foreign Affairs and Security Policy, announced that the measures would target banks, arms manufacturers, oil traders, refiners, and select entities outside the Union. In a statement on X, Kallas revealed that the EU would tighten restrictions on crypto asset services provided to certain third countries, and new sanctions lists would be prepared, including a planned transaction ban for 11 crypto platforms.
Kaja Kallas emphasized that the EU is preparing to tighten its ban on crypto asset services for specific third countries and has proposed halting operations on 11 crypto platforms.
So far, the European Commission has not disclosed the names of the 11 targeted platforms. As a result, it remains unclear which companies will be affected. The draft proposal aims at structures believed to provide services to sanctioned Russian individuals and entities, or those helping to bypass EU-imposed measures.
More banks and international firms also to be targeted, says von der Leyen
European Commission President Ursula von der Leyen stated that the new package would also introduce bans on 31 additional banks in Russia and 20 organizations based in third countries. According to von der Leyen, banks, crypto platforms, and companies linked to oil trading are all included in the new measures. The European Commission is responsible for drafting laws and outlining technical details for the EU’s sanctions packages.
Ursula von der Leyen made it clear that the new sanctions will target 31 more Russian banks and 20 entities from third countries, all believed to be servicing sanctioned Russian individuals and organizations.
According to statements, the organizations in question are thought to support sanctioned Russians or help them evade existing EU restrictions. However, the Commission has yet to release detailed justifications for actions against each institution involved.
UK’s action against HTX sparks debate
The EU’s move follows the UK’s recent sanctions announced on May 26 targeting Panama-based Huobi Global S.A., the operator behind the crypto platform HTX. UK authorities argued that HTX may have facilitated financial services and fund transfers for Russian-linked financial networks. This included referencing financial flows involving A7 Limited Liability Company and Garantex, both under existing sanctions.
HTX, however, flatly denied any wrongdoing, claiming the sanctioned entity was separate from its online exchange. A subsequent Global Ledger report found that between 2021 and May 2026, the platform saw an estimated $21.06 billion in high-risk crypto flows—at least $7.64 billion of which was linked to Russian high-risk entities and networks like Hydra, Garantex, Grinex, and A7A5.
Mini glossary: Tokenization is the process of converting real-world assets or financial instruments into digital representations on a blockchain. MiCA refers to the EU’s unified regulatory framework governing crypto asset markets.
Experts warn against overly broad blacklisting methods
The UK’s sweeping sanctions have faced criticism from blockchain analysts and researchers. They caution that designating an entire exchange as high risk could freeze legitimate user activity and undermine compliance tools used to trace illicit funds.
On the EU side, full details on which platforms might face sanctions and how the technical bans will be implemented are still pending. For now, the proposal signals that the crypto sector is gaining visibility in the ongoing debate over sanctions against Russia.
