EU Introduces Tougher Crypto Restrictions for Russia's Allies

The European Commission has introduced a new framework for its 21st sanctions package against Russia, which includes the most expansive crypto restrictions yet. The package proposes a full third-country ban on crypto-asset services, expanding penalty exposure beyond individual firms to entire countries hosting platforms used to route money around existing measures.

The proposed measures expand transaction bans to 20 crypto platforms and firms operating in third countries identified as helping sanctioned Russian entities circumvent existing restrictions. Additionally, the Commission aims to blacklist 11 specific crypto platforms outright, according to Reuters.