The European Union is preparing to put foreign crypto platforms under direct pressure in its next round of Russia sanctions. European Commission President Ursula von der Leyen said the proposed 21st sanctions package would target platforms accused of helping Russia evade existing financial restrictions, while transaction bans would extend to 20 non-EU entities, including banks, crypto platforms, and oil traders.
Restrictions may go beyond firms to the countries hosting them
The proposal is designed to block financial channels used by sanctioned Russian individuals and organizations outside the traditional banking system. Von der Leyen said the Commission is also weighing a broader measure aimed at countries that host platforms facilitating sanctions evasion. If governments do not address those activities, they could face wider limits tied to crypto-related services.
Her message was clear. The EU is not only looking at individual service providers, but also at the jurisdictions that allow them to keep operating.
Chainalysis and Elliptic findings add pressure to tighten enforcement
The measures come as regulators step up scrutiny of digital asset networks used in cross-border transfers. European officials say stronger enforcement tools are needed because alternative payment rails can be used to bypass controls that work in the banking sector.
Chainalysis recently reported that illicit crypto addresses received $154 billion in 2025. The blockchain analytics firm said Russia-linked transactions made up a significant share of state-associated crypto activity. It also pointed to the ruble-backed stablecoin A7A5, which processed about $93.3 billion in volume and has drawn regulatory attention because of its connection to Russian financial activity.
Earlier this year, blockchain research firm Elliptic identified five cryptocurrency exchanges that allegedly helped facilitate sanctions evasion. According to Elliptic, those platforms created financial pathways outside traditional banking oversight. Action has also come from outside the EU. Last month, the UK Financial Conduct Authority sanctioned HTX, formerly Huobi Global, over allegations that it supported the Russian government.
Russia moves ahead with domestic crypto rules as the EU expands curbs
At the same time, Russian authorities are pushing forward with a domestic framework for digital assets. That framework is expected to launch in July and would establish licensed cryptocurrency trading platforms inside the country.
The 21st package reaches beyond crypto. It also broadens pressure on Russia’s energy and trade sectors, adds measures against more oil vessels, and introduces restrictions on Russian fisheries for the first time. Von der Leyen said existing sanctions continue to weaken the economic foundations supporting Russia’s war effort, with foreign crypto platforms now placed among the main targets in the EU’s next enforcement step.