The European Union has taken a significant step to further restrict Russia's access to cryptocurrency markets. A new package of sanctions, which includes sector-wide restrictions for the entire Russian crypto sector, has been approved by the EU Council.
This marks a departure from previous measures that targeted individual platforms and exchanges. The decision comes after investigations showed that these targeted sanctions were ineffective in preventing the emergence of new structures to circumvent restrictions.
The ban includes restrictions on direct or indirect transactions with crypto providers and exchanges from Russia, effective May 24, 2026. Until then, market participants can complete existing contracts.