EU deploys a 21st sanction package against Russia that escalates bans on 14 crypto firms

The EU's new sanctions packages includes the possibility of introducing a ban that would enable the EU to ban any transaction between an EU crypto provider and Russia.

EU deploys a 21st sanction package against Russia that escalates bans on 14 crypto firms

Policy

EU hits Russia with massive 21st sanctions package targeting $120B crypto network

The EU is considering a ban on third-country crypto services providers for the first time and is targeting 14 crypto companies, which it has not named yet.

By

Olivier Acuna

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Edited by

Jamie Crawley

Jul 24, 2026, 11:58 a.m.

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The European Union has released a 21st sanctions package against Russia that includes crypto banks against 14 companies. (Guillaume Périgois/Unsplash)

Summary

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The European Union has expanded its Russia sanctions to target the A7 cross-border payments network, including its new links to Africa, and the A7A5 stablecoin used for sanctions evasion.

The latest package widens a transaction ban to 14 crypto-related platforms in countries including Georgia, the UAE and Panama, and introduces a tool that could allow a full ban on crypto-asset services used by Russia.

Alongside the digital asset measures, the EU is freezing assets and banning transactions for 94 banks and major financial institutions, and extending its transaction ban to 33 additional Russian credit and financial institutions.

The European Union (EU) extended sanctions against Russia to include four designations related to the cross-border A7 network, including its new links to Africa.

The EU is also extending its transaction ban to 14 unnamed crypto-related service platforms based in Georgia, Panama, the United Arab Emirates (UAE), the Marshall Islands, Kyrgyzstan and Belarus.

Chainalysis

recently noted that on the A7 network

, where the A7A5 stablecoin operates, has processed nearly $120 billion to date and that it is purposely built for Russia’s sanctions evasion.

"We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus," Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council,

said in a statement.

The EU

announced its previous package of sanctions

against Russia in April, saying it was the “biggest package” of sanctions against the country in two years. In that statement, the EU said “Russia is becoming increasingly reliant on cryptocurrencies for international transactions.”

The new sanctions come just three days after Russia’s

State Duma passed legislation

establishing the country’s first comprehensive framework for regulating crypto with most of the rules slated to come into effect on Sept. 1. The law creates a legal framework for crypto exchanges, depositories, other digital asset providers as well as traders and investors.

The 21st sanctions package also sees the first introduction of a possible full third-country ban for crypto-asset services. This new instrument will enable the EU to ban any transaction between an EU operator and any crypto provider used by Russia.

Alongside the digital asset crackdown, the EU is imposing asset freezes and a prohibition to make funds available to 94 banks and major financial institutions. It is extending its transaction ban to 33 additional Russian credit and financial institutions.

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