EU Targets Crypto Hubs in Belarus and Nigeria Amid Russia Sanctions Crackdown

The European Union has taken its toughest crypto crackdown yet on Russia by giving itself the power to ban crypto trades to entire nations that breach Russian sanctions.

This new measure comes as part of the EU's 21st sanctions package against Russia, which was agreed upon on Thursday. The package bars EU persons from transacting with 11 unnamed crypto operators and 94 banks and financial institutions.

The 11 targeted crypto platforms mostly operate in Belarus and Nigeria, acting as conduits to funnel money between Russia and countries blocked from doing business with it.

This development marks an unprecedented move by the EU in its battle against sanctions evasion. The new power allows Brussels to bar crypto services from a whole nation or jurisdiction if it's viewed as a hub for laundering Russian financial transactions.