EU hits Russia with massive 21st sanctions package targeting $120B crypto network

Policy EU hits Russia with massive 21st sanctions package targeting $120B crypto network The EU is considering a ban on third-country crypto services providers for the first time and is targeting 14 crypto companies, which it has not named yet. By Olivier Acuna | Edited by Jamie Crawley Jul 24, 2026, 11:58 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on The European Union has released a 21st sanctions package against Russia that includes crypto banks against 14 companies. (Guillaume Périgois/Unsplash) Summary Show The European Union has expanded its Russia sanctions to target the A7 cross-border payments network, including its new links to Africa, and the A7A5 stablecoin used for sanctions evasion. The latest package widens a transaction ban to 14 crypto-related platforms in countries including Georgia, the UAE and Panama, and introduces a tool that could allow a full ban on crypto-asset services used by Russia. Alongside the digital asset measures, the EU is freezing assets and banning transactions for 94 banks and major financial institutions, and extending its transaction ban to 33 additional Russian credit and financial institutions. The European Union (EU) extended sanctions against Russia to include four designations related to the cross-border A7 network, including its new links to Africa. The EU is also extending its transaction ban to 14 unnamed crypto-related service platforms based in Georgia, Panama, the United Arab Emirates (UAE), the Marshall Islands, Kyrgyzstan and Belarus. Chainalysis recently noted that on the A7 network , where the A7A5 stablecoin operates, has processed nearly $120 billion to date and that it is purposely built for Russia’s sanctions evasion. "We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus," Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council, said in a statement. The EU announced its previous package of sanctions against Russia in April, saying it was the “biggest package” of sanctions against the country in two years. In that statement, the EU said “Russia is becoming increasingly reliant on cryptocurrencies for international transactions.” The new sanctions come just three days after Russia’s State Duma passed legislation establishing the country’s first comprehensive framework for regulating crypto with most of the rules slated to come into effect on Sept. 1. The law creates a legal framework for crypto exchanges, depositories, other digital asset providers as well as traders and investors. The 21st sanctions package also sees the first introduction of a possible full third-country ban for crypto-asset services. This new instrument will enable the EU to ban any transaction between an EU operator and any crypto provider used by Russia. Alongside the digital asset crackdown, the EU is imposing asset freezes and a prohibition to make funds available to 94 banks and major financial institutions. It is extending its transaction ban to 33 additional Russian credit and financial institutions. Cryptocurrency Latest Crypto News 1 Crypto market maker B2C2 held sale talks with multiple potential buyers 10 minutes ago 2 Crypto's institutional influx has killed the memecoin craze 23 minutes ago 3 A $5 billion cluster has formed in bitcoin options. 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By CoinDesk Research Jul 22, 2026 Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. Why it matters : Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. View Full Report More From Policy Clarity Act expected to miss its window before Congress' summer break, leadership says The SEC settles with Coinbase over its missing Gary Gensler texts Goldman Sachs CEO backs Clarity Act despite banking industry's concerns over stablecoin rules