EU adopts 21st Russia sanctions package, hitting crypto operators and banks

The European Union has approved its 21st sanctions package against Russia, freezing the price cap on Russian oil for a year and adding banks, crypto operators, and dozens of shadow-fleet tankers to its blacklist.

This is the largest set of sanctions the bloc has put in place since 2022, and they are directed at further isolating Russia.

EU expands bans on Russia

Following weeks of difficult talks among the 27 member states, the European Union has approved its 21st sanctions package against Russia. The new measures target banks, cryptocurrency operators, and oil tankers and are designed to stop Russia from getting around earlier restrictions.

European Commission President Ursula von der Leyen said the sanctions “continue to weaken the economic foundations of Russia’s war effort.” European Council President António Costa said the EU is focusing on “energy, financial services, crypto, and trade.”

The sanctions package hits 218 individuals and entities in total, including more than 100 banks and crypto operators. It also covers over 40 vessels from Russia’s so-called “shadow fleet” and several oil refineries.

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