EU opens door to country-wide crypto bans over Russia sanctions evasion

The European Union has expanded its Russia crypto sanctions to 14 foreign service platforms while creating a country-level transaction ban that could cut EU operators off from crypto providers in jurisdictions accused of repeatedly enabling sanctions evasion. Summary The EU has imposed transaction bans on 14 foreign crypto platforms under its latest Russia sanctions package. New rules allow the EU to block crypto providers across countries that repeatedly fail to prevent Russia sanctions evasion. Restrictions on Russian and Belarusian ownership and control of EU crypto firms will expand from Aug. 25. No country has yet been placed under the new country level crypto transaction ban. According to the Council of the European Union, the measures were adopted on July 23 under the bloc’s 21st sanctions package against Russia, extending transaction bans to crypto platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. The package also added four designations connected to Russia’s cross-border A7 payments network, including entities linked to its operations in Africa. EU officials said the network forms part of the financial infrastructur...