EU Slams Brakes on Cryptocurrency Transactions, Targets Russia's Oil 'Shadow Fleet'

The European Union has announced its 21st sanctions package against Russia, aimed at increasing financial pressure on the country. This move includes stricter monitoring and restrictions on transactions conducted through cryptocurrency platforms.

According to Reuters, 94 Russian financial institutions, including banks, and the Moscow Exchange have been added to the full sanctions list. These institutions will face severe penalties such as asset freezes, travel bans, and transaction prohibitions.

The EU aims to further tighten the financial system and restrict Russia's access to global markets. This move also targets ships used for oil transportation, known as Russia's 'shadow fleet', by imposing an oil price cap of $44.10 per barrel for 12 months.