Crypto In Crosshairs As EU Slaps Major Sanctions On Russia Amud Ukraine War

Crypto companies are one of the main victims of the new EU sanctions against Russia. The European Union (EU) on Thursday, July 23, approved its 21st round of sanctions that include digital asset firms, alongside banks and oil trading websites. The package has been launched due to the ongoing war in Ukraine and is designed to maintain the current Russian oil price cap for one more year.

EU Cracks Down On Crypto Firms Under New Russia Sactions

The deal was announced by the European Commission President Ursula von der Leyen on X. She wrote, “I welcome the agreement on the 21st sanctions package against Russia.” Von der Leyen also said, “At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort.”

This compromise was agreed after weeks of talks between EU’s 27 members. It expands the restrictions to financial, energy, trade and crypto industries. The bloc also decided to retain the current oil price cap for the next 12 months instead of making adjustments.

I welcome the agreement on the 21st sanctions package against Russia.

At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia’s war effort.

We’re adding 32 more Russian banks to our transaction ban list.

As well…

— Ursula von der Leyen (@vonderleyen) July 23, 2026

To explain the situation better, she said: “We’re adding 32 more Russian banks to our transaction ban list. As well as crypto firms and oil trading platforms.”

The sanctions over crypto companies is another measure the EU will take to impose financial restrictions on Moscow. These measures put 94 Russian financial firms and the Moscow Exchange under full sanctions.

Moreover, it’s worth noting that the agreement was welcomed by the President of the European Council, Antonio Costa as well. He said, “Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade.”

On the other hand, Russia is advancing its crypto bill for better regulation.

Other Restrictions Over Russia

She also remarked about the oil cap decision. According to her statement, “We’re freezing the oil price cap adjustment for a year, so that the Russian war machine does not benefit from market shocks.”

The EU sanctions also expand the scope of the limitations for exports of Russian oil. Von der Leyen said, “For the first time, we’re targeting vessels assisting Russia’s shadow fleet.” These vessels have been associated to the export of Russian oil via non-conventional shipping routes.

On top of that, there is immigration related action in the package. “We took an important step towards formally banning Russian combatants from entering the EU,” said Von der Leyen.

In a separate news, Binance continued facing trouble in the EU region after the July 1 MiCA deadline passed and they failed to get a license.

For crypto trading in EU, check out our list of Best MiCA-Compliant Crypto Exchanges In Europe.