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The European Union is moving to target crypto platforms in its latest sanctions against Russia. This marks the first time digital asset services are directly included in the bloc’s restrictions.
Crypto Under Fire
Part of the EU’s 19th sanctions package, the plan would ban all crypto transactions by Russian residents. It would also restrict dealings with foreign banks linked to Russia’s alternative payment systems and block transactions in Russian special economic zones.
European Commission President Ursula von der Leyen said sanctions must evolve to counter evasion tactics. “For the first time, our restrictive measures will hit crypto platforms,” she explained.
The sanctions still need approval from all 27 EU members.
Russia’s Workarounds
Reports claim Russian oil companies have used Bitcoin and Tether to bypass sanctions, moving tens of millions of dollars each month. In July, US prosecutors charged Russian national Iurii Gugnin with laundering over $540 million through his crypto companies while serving sanctioned entities.
Ukraine Eyes Bitcoin Reserves
Ukraine is taking the opposite approach. Lawmakers are drafting a bill to create a national Bitcoin reserve. The proposal was unveiled at the Crypto 2025 conference in Kyiv. Supporters see Bitcoin as a hedge against inflation and a way to build financial resilience during war.
