The European Union has taken a significant step in its efforts to restrict Russia's access to the global financial system with the adoption of its 20th sanctions package.
The package includes a sectoral ban on all crypto services registered in Russia, marking a shift away from targeting individual platforms. The decision was made after investigations revealed that previous targeted measures had been circumvented by new structures emerging in their place.
The ban will take effect on May 24, 2026, and will prohibit any direct or indirect transactions with crypto providers and exchange platforms from Russia. Exceptions are provided for EU diplomatic missions, partner countries, and certain individuals, including those who lived in Russia before February 24, 2022.
The package also expands the list of prohibited crypto assets, adding RUBx cryptocurrency to the list. Operations with central bank digital currencies from the sanctions list and any support for their development from the EU are also prohibited.