The European Union has agreed on its 21st sanctions package against Russia, adding new restrictions on banks, crypto firms, oil trading platforms and vessels linked to Russia’s shadow fleet.
European Commission President Ursula von der Leyen welcomed the agreement on X, saying the measures will further weaken the economic foundations of Russia’s war effort. The package adds 32 Russian banks to the EU’s transaction ban list and targets crypto companies accused of helping Russia bypass financial restrictions.
The EU will also freeze its oil price cap adjustment for one year, keeping the current limit in place rather than allowing it to change with market prices. The new measures also target vessels involved in Russia’s shadow fleet, which is used to transport oil outside the reach of Western sanctions. The EU has also taken steps toward formally restricting Russian combatants from entering the bloc.
I welcome the agreement on the 21st sanctions package against Russia.
At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort.
We’re adding 32 more Russian banks to our transaction ban list.
As well…
— Ursula von der Leyen (@vonderleyen) July 23, 2026
Why the EU is targeting crypto firms in Russia and how it affects crypto
The EU is targeting crypto firms because regulators believe digital assets can be used to move money outside traditional banking channels and help sanctioned Russian entities avoid financial restrictions.
Previous EU sanctions have targeted Russian crypto service providers and platforms accused of supporting sanctions evasion. The latest measures show that crypto companies are now being treated as part of the wider financial system that regulators monitor for illicit transactions.
For the crypto industry, the move could mean tougher compliance requirements and closer checks on transactions linked to Russia. Exchanges and crypto service providers operating in or serving European customers may face greater pressure to identify sanctioned users and block restricted transactions.
It could also make it harder for Russian entities to use crypto platforms with links to the European financial system, although the decentralized nature of some crypto networks means the EU cannot completely prevent sanctioned parties from using digital assets.
The U.S. also sanctioned crypto firms linked to Russia
The US has also used sanctions against crypto companies and platforms linked to Russia. The US Treasury has previously targeted Russian crypto exchanges and service providers accused of helping sanctioned individuals and entities move funds, including BitRiver, a Russian cryptocurrency mining company, and Garantex, a Moscow-based crypto exchange.
In 2025, the Treasury also sanctioned crypto exchange Garantex, citing its role in facilitating illicit financial activity. These actions show that Washington, like the EU, views certain crypto businesses as part of the financial networks used to bypass sanctions.
The EU’s latest measures therefore fit into a Western effort to prevent Russia from using crypto services to get around financial restrictions. The difference is that the EU’s new package adds more crypto firms to its sanctions framework alongside banks and oil-related entities, while the US has already built a track record of targeting individual crypto platforms and service providers.
Meanwhile, the EU has ordered Google to give OpenAI, competing AI developers, and rival search engines access to parts of its Android platform and search services under the Digital Markets Act (DMA).
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