DeutschThe European Union is increasing pressure on Russia – and is now specifically attacking the crypto world. With a new sanctions package, Brussels is using a lever that was long considered difficult to control: digital assets. The signal is clear. Cryptocurrencies should no longer serve as an alternative channel.
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Since the start of the Ukraine war in 2022, the EU has imposed numerous economic sanctions against Moscow. But now it is going one step further. For the first time, Russian crypto platforms and their international networks are at the center of a comprehensive ban. The goal is to close loopholes that have been used until now to bypass financial restrictions.
Russia: EU now closes all crypto loopholes
In an official statement, EU representatives emphasize that Russia is increasingly turning to cryptocurrencies to handle international transactions. In essence, it is said that the country is becoming “increasingly dependent” on digital assets. The consequence: A complete ban on Russian crypto service providers within the European sphere of influence.
But that’s not all. State-backed digital projects are also being targeted. The Russian central bank’s digital ruble and the RUBx stablecoin, which is pegged to the national currency, have also been added to the sanctions list. A move that shows how seriously Brussels is taking this development.
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Particularly explosive: The measures do not only affect Russia itself. A total of 20 Russian banks are affected. In addition, there are four financial institutions from third countries whose names have not been publicly disclosed. They are said to operate via the Russian SPFS system – a kind of alternative to the international SWIFT payment network.
New EU sanctions hit the crypto system hard
With this, the EU is directly targeting Moscow’s attempt to build its own financial system. A parallel universe for payments, secured by technology and geopolitical alliances. It is exactly this network that is now to be interrupted. The list is also growing outside of Russia. Companies from Central Asia, China, and the United Arab Emirates are being targeted because they serve as interfaces for Russian crypto activities. Particularly striking: A Kyrgyzstan-based exchange called TengriCoin was explicitly sanctioned.
Additionally, European authorities have identified a widespread payment network that has apparently been active for years. Platforms such as Garantex and Grinex, as well as the underlying transfer network A7A5, have been banned. This system is considered central to the movement of funds, especially in the area of stablecoins. The dimensions are significant. According to authorities, the network is said to have reached a transaction volume of around $120 billion. A figure that shows how relevant these structures have become in the meantime.
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For the EU, it is clear: The battle for financial control no longer takes place only in banks, but also on blockchains. With the new sanctions, this reality is being recognized – and fought. For the crypto industry, this means a new phase. Regulations are getting tougher, and geopolitical tensions are becoming more visible. And for Russia, it will become more difficult to find alternative paths in the global financial system. The message from Brussels is unmistakable: Even in the digital space, there is no longer any freedom from sanctions. (mck)
