On Thursday, the European Union imposed a new round of sanctions on Russia, its 21st since the start of the conflict. These new measures prevent anyone in the EU from doing business with 11 cryptocurrency companies and 94 banks and financial institutions linked to Russia.
The EU hasn’t publicly named them, but eleven cryptocurrency platforms—primarily based in Belarus and Nigeria—are being used to move money between Russia and nations restricted from trading with it.
In the past, the European Union could only impose sanctions on specific companies. Now, they can prevent an entire country or region from offering cryptocurrency services if it’s suspected of helping Russia hide money and avoid sanctions – a new step in efforts to crack down on these practices.
Stablecoins and The Garantex Trail
This action is part of an ongoing effort to restrict cryptocurrency services that involve the Russian ruble. Previously this year, the A7A5 stablecoin – used to connect the sanctioned exchanges Garantex and Grinex – was targeted, as were the RUBx token and the digital ruble itself.
The UK also took action, imposing sanctions on the cryptocurrency exchange HTX (previously known as Huobi) in May due to suspected connections with A7 and Garantex. According to a report by Global Ledger, HTX handled approximately $21 billion in potentially risky crypto transactions over the past five years, including nearly $8 billion linked to individuals and marketplaces associated with Russia and the dark web.
Broad Scope: Banks, Oil And The Shadow Fleet
This new set of measures impacts 94 financial institutions – including 32 banks and the Moscow stock exchange – by freezing any assets they hold within the EU and prohibiting transactions with them. For the first time, it also targets ships suspected of helping Russia bypass sanctions – known as its ‘shadow fleet’.
I welcome the agreement on the 21st sanctions package against Russia.
With Ukraine gaining ground militarily, our ongoing sanctions are further damaging Russia’s ability to fund its war.
We’re adding 32 more Russian banks to our transaction ban list.
As well…
— Ursula von der Leyen (@vonderleyen) July 23, 2026
Ursula von der Leyen, President of the European Commission, announced that the price cap on Russian oil will remain at $44.10 per barrel to prevent Russia from profiting from any market instability caused by the war. She also stated that the EU intends to prohibit Russian fighters from entering the European Union.
2026-07-23 15:55