EU Sanctions Package Targets Russian Banks and Crypto Platforms

The European Union has escalated its financial pressure on Russia by targeting nearly 90 Russian banks and 11 crypto platforms in its 21st sanctions package. The package, negotiated by ambassadors on July 22, aims to limit Moscow's access to global financial networks.

Transaction bans are set to hit 35 banks, four of which operate outside Russian territory, pushing the cumulative total of sanctioned Russian banks past 100. Asset freezes are being extended to individuals and entities connected to Russia's military, energy, and maritime sectors.

The EU has directly targeted crypto platforms allegedly used for sanctions evasion. The 11 platforms in question operate mainly from third countries like Belarus and Nigeria, functioning as channels through which Russian entities can move funds beyond Western financial restrictions.