Новые EU санкции: криптоплатформы России под прицелом Translation: New EU Sanctions: Russian Crypto Platforms in the Crosshairs

The European Commission has announced the preparation of a 19th sanctions package against Russia. These restrictions will affect cryptocurrency exchanges and transactions involving digital assets.

«We are targeting the financial loopholes that Russia is using to circumvent sanctions. For the first time, our restrictive measures will extend to crypto platforms,» emphasized the head of the regulator, Ursula von der Leyen.

According to the statement, all cryptocurrency transactions for Russian residents will be blocked.

Foreign banks linked to Russian alternative payment systems and operations with companies registered in special economic zones will also fall under these restrictions.

The sanctions list will be expanded to include new Russian banks, the Mir payment system, and 118 vessels suspected of participating in evading the sanctions.

Additionally, the package includes a phased cessation of imports of Russian liquefied natural gas, with a complete halt to purchases by 2027.

Andrei Tugaryin, founder of the legal firm GMT Legal, noted that the path to European crypto platforms has long been closed for Russian users. He stated that the first restrictions related to digital assets appeared in 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 highlights the possibility of directly including platforms as sanction targets, rather than only indirectly through AML or limitations,» he stressed.

In Tugaryin’s view, the new rules are primarily symbolic.

«In terms of crypto transactions, nothing substantive has changed; such operations weren’t being conducted anyway. On the contrary, such categorical measures prevent European platforms from processing transactions, which hinders their ability to freeze assets for political reasons,» the expert explained.

He interpreted the inclusion of crypto platforms in the sanctions lists as a clear signal regarding the potential imposition of secondary sanctions against any companies—including non-European ones—that might dare to engage with clients from Russia.

«However, examining the operations of many platforms, I believe this restriction will have minimal impact on their effectiveness,» Tugaryin concluded.

Recall that in February, the European Union included the Garantex cryptocurrency exchange in its 16th sanctions package against Russia.

In March, Reuters revealed that Russian oil companies are utilizing cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDT, for settling oil exports to China and India to circumvent Western sanctions.