Key Takeaways:
The European Union proposed banning transactions on 11 crypto platforms as part of its 21st sanctions package against Russia, widening its campaign beyond traditional banks and energy revenues to digital-asset firms accused of helping Moscow circumvent restrictions.
"The EU sanctions are discussed and adopted by 27 member states in unanimity," Anitta Hipper, the EU spokesperson for foreign affairs and security policy, told Cointelegraph, declining to identify the targeted platforms. "The sanctions discussions are confidential and fully in the hands of the member states."
Kaja Kallas, vice president of the European Commission and the EU's high representative for foreign affairs and security policy, outlined measures targeting banks, weapons manufacturers, oil traders and refineries. "We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms," Kallas said in a post on X. European Commission President Ursula von der Leyen said the package includes bans on 31 additional Russian banks and 20 entities in third countries, including banks, crypto platforms and oil traders that had served sanctioned Russian individuals or helped circumvent EU measures.
The proposal marks the latest escalation in Western efforts to cut off Russia's access to the global financial system through digital assets. The EU's 21st sanctions package follows the United Kingdom's May 26 sanctions against Huobi Global SA, the Panamanian company behind the HTX exchange, over alleged support for Russia-linked financial networks. UK authorities said there were reasonable grounds to suspect HTX had supported the Russian government through financial services facilitated by A7 Limited Liability Company and Garantex, both sanctioned entities. The A7 network allegedly facilitated over $90 billion in transactions during 2025 alone, according to British officials.
Regulatory Coordination Across Jurisdictions
The EU proposal and UK sanctions signal a coordinated push by Western regulators to close loopholes that allow Russia to use crypto platforms to bypass financial restrictions. The UK has now designated over 3,300 individuals and entities since the invasion of Ukraine, with officials estimating the measures have inflicted around $450 billion in losses on the Russian war economy. Foreign Secretary Yvette Cooper framed the sanctions as a necessary evolution, noting that regimes designed in 2022 look increasingly outdated as adversaries adapt through crypto networks and shell companies.
HTX has denied the allegations, saying the sanctioned entity is separate from the online exchange. A Global Ledger report later said HTX processed about $21.06 billion in high-risk crypto flows between 2021 and May 2026, with at least $7.64 billion linked to Russian high-risk entities and darknet markets, including Garantex, its successor Grinex, A7A5 and Hydra.
The EU's proposed transaction ban on 11 crypto platforms, if adopted by all 27 member states, would create a significant compliance burden for exchanges operating in European markets. The unnamed platforms face potential exclusion from the EU's payments infrastructure, mirroring restrictions already applied to Russian banks. The next regulatory milestone will be the member-state vote on the 21st sanctions package, with discussions expected in the coming weeks.
This article is for informational purposes only and does not constitute investment advice.
