TLDR
- The EU proposed a 21st sanctions package against Russia over the Ukraine war.
- The package would list 170 individuals and entities.
- Close to 90 Russian banks are targeted in the proposed sanctions.
- The plan includes transaction bans on 11 crypto platforms.
- The EU may allow country-level bans on crypto services aiding Russia.
The European Union has proposed a 21st sanctions package against Russia, targeting banks, crypto platforms, oil traders, refiners, drone production, and other sectors tied to Moscow’s war in Ukraine.
EU foreign policy chief Kaja Kallas said the package would list 170 individuals and entities. The measures include close to 90 banks, described as the largest number of bank listings in one package. If adopted, the total number of listed banks would rise above 100, covering more than half of Russia’s 213 internationally connected lenders.
The package will be presented to EU ambassadors for negotiations. EU sanctions require unanimous approval from member states before they can take effect.
EU Targets Banks and Financial Networks
The proposed measures would place listed banks under EU asset freezes, travel restrictions, and transaction bans. Kallas said the goal is to strike Russia’s financial sector by freezing assets of close to 90 banks and imposing additional transaction bans on more than 30 banks in Russia and third countries.
Western sanctions already restrict Russia’s banking system. Major Russian banks were disconnected from SWIFT in 2022, limiting their access to global financial messaging channels.
EU officials are now targeting smaller lenders that Russian companies have used to maintain trade and bypass restrictions. The proposed package would expand pressure on institutions accused of supporting sanctions evasion.
Russia’s economic growth slowed to 1% last year from 4.9% in 2024. Officials have cited high interest rates, Western sanctions, and a strong rouble as factors affecting growth. Russian central bank officials have denied signs of a banking crisis, while some domestic analysts have warned of hidden stress linked to loan restructuring and asset quality.
Crypto Platforms Face Wider Restrictions
The sanctions package also targets crypto networks used to move funds outside traditional banking channels. The proposal includes transaction bans on 35 banks, four of them outside Russia, and 11 crypto platforms accused of helping Russia evade Western restrictions.
European Commission President Ursula von der Leyen said the package could create the basis for a full country-level ban on crypto asset services from non-EU jurisdictions that host platforms assisting Russian sanctions evasion.
The measure would mark a tougher approach toward third-country crypto providers. Von der Leyen said such a tool would act as a deterrent for countries hosting platforms that support Russian circumvention.
The proposal follows broader concerns about illicit crypto flows. Chainalysis data cited in the announcement showed illicit crypto addresses received $154 billion in 2025. Russia-linked activity represented a large share of state-linked crypto transactions, including $93.3 billion in volume connected to the ruble-backed stablecoin A7A5.
Blockchain research firm Elliptic also identified five exchanges earlier this year that it said helped Russia evade sanctions by offering financial routes outside standard banking oversight. The United Kingdom’s Financial Conduct Authority sanctioned HTX, formerly Huobi Global, last month over alleged support for the Russian government.
Oil, LNG and Trade Measures Added
The EU proposal also includes energy and trade restrictions. The Commission wants to freeze the oil price cap at $44.10 for six months. The level is below Brent crude futures, which have traded above $90 per barrel.
The oil cap measure is designed to prevent Russia from receiving higher revenues during a period of elevated oil prices linked to Middle East tensions. The package also proposes listings for a third-country oil refiner and oil traders.
The EU plans to tighten restrictions on Russian liquefied natural gas, including tanker resales. It also seeks to list 30 more vessels linked to Russia’s shadow fleet and expand criteria to include ships involved in refuelling sanctioned vessels or offloading cargo.
For the first time, the package includes import restrictions on fish. It also adds import and export limits on high-performance metal alloys used in defence and aerospace industries.
The proposal follows earlier EU anti-circumvention actions against third countries. Kyrgyzstan was previously targeted in part over its role in Russian crypto transactions, while the 20th sanctions package restricted EU sales of metal-cutting machinery and telecoms equipment.
The 21st sanctions package now moves into negotiations among EU member states. If all governments approve it, the measures would expand the EU’s pressure campaign across Russia’s financial system, crypto networks, energy trade, and military-linked supply chains.
