EU Tightens Sanctions on Russia With Complete Ban on Cryptocurrency Platforms

Gate News message, April 27 — The European Union has imposed its 20th round of sanctions against Russia, significantly strengthening restrictions on cryptocurrency-related activities. The new measures include a complete ban on crypto asset service providers (CASPs) and all cryptocurrency platforms operating in Russia.

The EU has also prohibited the use of the digital ruble (CBDC) and the ruble-pegged stablecoin RUBx, while banning EU residents and companies from trading with or providing crypto-related services to Russian and Belarusian entities under MiCA regulations. The sanctions target decentralized finance (DeFi) platforms as well.

The measures affect 20 Russian banks, four foreign financial institutions connected to Russia's SPFS payment network, and the Kyrgyzstan-based TengriCoin exchange. These sanctions reflect growing EU concerns that Russia is increasingly using cryptocurrencies to circumvent existing economic restrictions.