EU proposes ban on 11 crypto platforms in Russia sanctions push
The European Union has proposed new measures that would ban transactions on 11 cryptocurrency platforms and broaden sanctions to target networks accused of helping Russia evade existing restrictions.
Measures target crypto service providers and evasion networks
The proposal would prohibit EU persons and entities from transacting with a list of 11 specified crypto platforms. It also seeks to expand designations to intermediaries and networks alleged to facilitate sanctions circumvention, tightening oversight of digital asset flows linked to Russia.
Part of ongoing effort to close loopholes
The move continues the EU’s multi-year effort to restrict financial channels available to Russia following its invasion of Ukraine. Previous packages have addressed crypto-asset services and tightened due diligence requirements to curb evasion through digital assets, third-country intermediaries, and opaque payment routes.
Potential impact on compliance and market access
- EU-based users and firms would be barred from interacting with the named platforms if the proposal is adopted.
- Exchanges and wallet providers may need to adjust geofencing, screening, and monitoring to enforce the restrictions.
- Service providers with exposure to high-risk jurisdictions could face heightened scrutiny.
Next steps
The proposal will be reviewed by EU member states and would take effect once formally adopted by the Council. Details on the specific platforms and the full scope of the measures are expected when the final legal texts are published.