EU Sanctions Package Targets Russian Crypto Channels and Shadow Fleet

The European Union has agreed on its 20th sanctions package since February 2022, marking a qualitative shift in targeting Russian crypto channels and third-country sanctions evasion.

After a six-month gap, the EU leaders have adopted measures to close further loopholes across Russian trade, the military-industrial complex, and the shadow fleet. The new package also introduces new tools aimed at countering Russia's sanctions circumvention efforts.

The sanctions package includes a ban on transactions involving the rouble-backed stablecoin RUBx and the digital rouble, as well as a prohibition on EU-based LNG terminals from providing Russian companies with LNG-related services from 2027.