EU strengthens sanctions on Russia, bans all crypto platforms

The European Union has strengthened its crypto-related sanctions against Russia for the first time in two years. According to CoinDesk, the EU has introduced a complete ban on virtual asset service providers (CASPs) and platforms within Russia, while also blocking the digital ruble (CBDC) and the ruble-pegged stablecoin RUBx. The move comes amid concerns that Russia is increasingly using cryptocurrencies to evade existing sanctions. The sanctions target 20 Russian banks, financial institutions connected to the SPFS payment network, and the Kyrgyzstan-based exchange TengriCoin. Additionally, EU residents are now prohibited from transacting with crypto and DeFi platforms based in Russia or Belarus and from providing services regulated under MiCA.