EU Sanctions Hit Crypto Firms as Russia War Efforts Continue

The European Union has imposed new sanctions on Russia, including measures targeting digital asset firms. The EU's 21st round of sanctions, approved on July 23, aims to weaken Russia's economic foundations in its ongoing war against Ukraine.

According to Ursula von der Leyen, the President of the European Commission, the sanctions package adds 32 more Russian banks to the transaction ban list and targets crypto firms and oil trading platforms. This brings the total number of Russian financial firms under full sanctions to 94, including the Moscow Exchange.

The EU has also decided to retain the current oil price cap for another year, preventing Russia from benefiting from market shocks. Additionally, the bloc is expanding restrictions on exports of Russian oil and targeting vessels assisting in non-conventional shipping routes.