The European Commission has announced the preparation of the 19th package of sanctions against Russia. The restrictions will affect cryptocurrency platforms and digital asset transactions.
“We are targeting the financial loopholes that Russia uses to circumvent sanctions. For the first time, our restrictive measures will extend to crypto platforms,” emphasized Ursula von der Leyen, head of the regulator.
According to the statement, all cryptocurrency transactions for Russian residents will be blocked.
The restrictions will affect foreign banks linked to Russian alternative payment systems and operations with companies registered in special economic zones.
The sanctions list will be expanded to include new Russian banks, the “Mir” payment system, and 118 vessels suspected of participating in sanctions evasion.
The package also includes a phased ban on the import of Russian liquefied natural gas, with a complete cessation of purchases by 2027.
Andrey Tugarin, founder of the legal company GMT Legal, noted that Russian users have been “effectively barred from European crypto platforms for quite some time.” According to him, the first restrictions related to digital assets appeared as early as the EU’s eighth sanctions package.
“The 19th package differs from previous ones in that it explicitly prohibits crypto transactions with sanctioned individuals and entities, and also indicates the possibility of directly including platforms as sanction targets, not just indirectly through AML or limit restrictions,” he emphasized.
In Tugarin’s view, the new rules are more demonstrative in nature.
“In terms of crypto transactions, nothing has essentially changed; such operations are not conducted anyway. On the contrary, such categorical measures will prevent a European platform from accepting a transaction, which will not allow it to freeze assets for political reasons,” the expert explained.
The lawyer interpreted the inclusion of crypto platforms in the sanctions lists as an unequivocal signal of the potential application of secondary sanctions against any companies — including non-European ones — that dare to work with clients from Russia.
“However, analyzing the operations of many platforms, I think such a restriction will have little impact on their effectiveness,” Tugarin concluded.
Back in February, the European Union included the crypto exchange Garantex in its 16th package of sanctions against Russia.
In March, Reuters reported that Russian oil companies were using cryptocurrencies, including Bitcoin, Ethereum, and USDT stablecoins, in transactions for oil exports to China and India to circumvent Western sanctions.
