The European Union on July 23 approved its 21st sanctions package against Russia, a move the Council said marks the bloc’s largest package in four years. The measures include 218 listings across Russia’s energy, financial and crypto sectors, and they are due to take effect on Aug. 23.
HTX added under transaction ban
In the crypto sector, exchange HTX was listed under the name of its operating entity, Huobi Global SA. The EU accused HTX of having “significantly frustrated” sanctions measures and of helping Russian users evade them.
HTX was not fully designated under sanctions. Instead, it was included in an annex and subjected to a transaction ban, which bars EU persons from dealing with it but does not freeze its assets. HTX founder Justin Sun was not individually listed in this round.
A7 network and A7A5 stablecoin in focus
A central target of the package is the A7 cross-border payment network, which the report described as a tool used by Russia to evade sanctions, along with the A7A5 stablecoin operating on that network. According to blockchain analytics firm Chainalysis, the A7 network has processed nearly $120 billion in transactions to date and was built specifically to help Russia bypass sanctions.
The EU also expanded transaction bans to 14 crypto-related platforms spanning Georgia, the United Arab Emirates, Panama, the Marshall Islands, Kyrgyzstan and Belarus, among other locations. It also introduced a new tool that could allow a full ban on crypto-asset services used by Russia in the future. The move extends the direction set in the EU’s 20th sanctions package against Russian and Belarusian crypto service providers.
Broader financial measures
Beyond crypto, the EU imposed asset freezes and transaction bans on 94 banks and major financial institutions, while extending transaction restrictions to multiple Russian credit and financial entities.
European Commission President Ursula von der Leyen said in a social media post: “We are adding 32 Russian banks to the transaction ban list, as well as crypto operators and oil trading platforms.” She also said that, as Ukraine gradually gains military momentum, the sanctions will continue to weaken the economic base supporting Russia’s war effort.
The report added that the United Kingdom had already sanctioned HTX, formerly Huobi, in May 2026, accusing it of channeling more than $1.5 billion to the Kremlin and providing services to the A7 network. The EU’s move was described as following two months later.