EU sanctions Russian A7A5 stablecoin and crypto exchanges

Russian oil companies have been increasingly relying on digital assets and crypto platforms to circumvent financial sanctions, according to the European Commission.

The European Union has adopted its 19th sanctions package against Russia, introducing restrictions on cryptocurrency platforms for the first time since the war in Ukraine began.

The new measures, adopted Thursday, prohibit Russia-based crypto payment providers and the distribution of related payment software across the bloc. The sanctions also target Russian energy firms, banks, and entities in China, Kyrgyzstan, Tajikistan, Hong Kong and the United Arab Emirates, accused of helping Moscow evade previous restrictions.

“We have just adopted our 19th package of sanctions,” said Kaja Kallas, the EU’s high representative for foreign affairs and security policy. “It targets Russian energy, banks, crypto exchanges, and entities in China, among others. The EU is also regulating the movements of Russian diplomats to counter attempts at destabilisation.”

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