The EU is preparing its 21st sanctions package against Russia, targeting banks, crypto platforms, and the oil sector
The European Union is preparing to launch its 21st sanctions package against Russia, aiming to deliver a sweeping blow to Moscow’s financial infrastructure.
“We intend to deal a heavy blow to Russia’s financial sector, imposing asset freezes on close to 90 banks and additional transaction bans on over 30 banks in Russia and other third countries,” announced EU Foreign Policy Chief Kaja Kallas on X.
Beyond traditional banking, the upcoming measures will target 11 cryptocurrency platforms accused of helping Moscow circumvent Western financial restrictions. Alongside these targeted measures, the EU plans to tighten its blanket ban on providing crypto-asset services to designated third countries.
The industrial and energy sectors will also face renewed pressure. The new restrictions are designed to directly squeeze Russian drone production while clamping down on domestic oil traders and refiners.
Finally, to combat sanctions evasion, the package imposes trade controls on 50 companies operating outside of Russia. This includes entities based in China, Türkiye, Kyrgyzstan, Kazakhstan, the UAE, and India.