EU Moves to Ban All Crypto Transactions with Russian Entities in New Sanctions Package
The European Union is preparing to implement a comprehensive ban on cryptocurrency transactions involving Russian entities as part of its escalating economic measures against Moscow. This radical MOVE aims to close a critical financial channel that has allegedly been used to fund Russia's military operations in Ukraine.
Brussels specifically targets Russian crypto platforms described as 'heirs' to Garantex, a sanctioned exchange that reportedly facilitated 85% of crypto flows to blacklisted entities in 2024. The EU's sanctions package also scrutinizes Kyrgyzstan's potential role as a commercial conduit for Russian transactions.
Adoption requires unanimous approval from all 27 member states, though three countries have already expressed resistance. The measure represents the EU's strongest attempt yet to prevent cryptocurrency from being used to circumvent traditional financial sanctions.
