The European Union has proposed a ban on transactions involving 11 crypto platforms as part of its latest sanctions against Russia. This initiative is included in the EU's 21st sanctions package, which aims to target entities aiding Russia in evading existing restrictions.
According to Kaja Kallas, the EU’s vice president, the new measures will broaden the focus of the sanctions beyond just banks and energy sectors. The proposal seeks to impose tighter regulations on crypto-asset services in various third countries and add new designations.
While the specific platforms targeted were not disclosed, the European Commission stated that the sanctions would also affect 31 additional Russian banks and 20 entities in third countries identified as supporting sanctioned individuals or helping to bypass EU measures. This move follows the United Kingdom's sanctions against Huobi Global S.A. over similar allegations.
In a recent report, it was noted that HTX processed approximately $21.06 billion in high-risk crypto transactions, with around $7.64 billion linked directly to Russian activities from 2021 to May 2026.