The European Union proposed banning transactions on 11 crypto platforms as part of its 21st sanctions package against Russia.
Kaja Kallas, vice president of the European Commission and the EU’s high representative for foreign affairs and security policy, outlined measures targeting banks, weapons manufacturers, oil traders, refineries and other entities outside the bloc.
“We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms,” Kallas said in a post on X.
The proposal would widen the EU’s sanctions campaign beyond Russian banks and energy revenues to crypto firms accused of helping Moscow circumvent restrictions imposed over its war in Ukraine.
Source: Kaja Kallas
The Commission did not identify the 11 crypto platforms in its public statements. Cointelegraph sought clarification on which platforms would be affected, but the Commission did not provide additional details before publication.
European Commission President Ursula von der Leyen said the package includes bans on 31 additional Russian banks and 20 entities in third countries, including banks, crypto platforms and oil traders.
She said the targets had served sanctioned Russian individuals and entities or helped circumvent EU measures.
EU proposal follows UK sanctions against HTX
The EU proposal follows the United Kingdom’s May 26 sanctions against Huobi Global S.A., the Panamanian company behind HTX, over alleged support for Russia-linked financial networks.
UK authorities said there were reasonable grounds to suspect HTX had supported the Russian government through financial services and funds facilitated by A7 Limited Liability Company and Garantex, both sanctioned entities.
Related: MiCA architect says EU should prioritize tokenization over DeFi rules
HTX has denied the allegations, saying the sanctioned entity is separate from the online exchange. A Global Ledger report later said HTX processed about $21.06 billion in high-risk crypto flows between 2021 and May 2026. Of that total, at least $7.64 billion was linked to Russian high-risk entities and darknet markets, including Garantex, its successor Grinex, A7A5 and Hydra.
The UK sanctions drew criticism from blockchain researchers, who warned that broad exchange-level tainting could freeze legitimate users and make crypto compliance tools less effective at tracing illicit funds.
Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express
