EU Approves 21st Sanctions Against Russia, Expands Ban on Transactions with Cryptocurrency Platforms

Over 100 banks and cryptocurrency operators newly targeted by sanctions

On July 23, 2026, the Council of the European Union officially approved the 21st sanctions package in response to Russia's invasion of Ukraine.

The sanctions strengthen regulations on the banking sector and cryptocurrency networks, addressing the circumvention of sanctions through operators outside of Russia. A total of 218 entities and individuals have been designated for asset freezes, travel bans, and transaction prohibitions.

Direct Ban on Transactions with Cryptocurrency Platforms

This sanctions package newly targets 94 Russian financial institutions, including the Moscow Stock Exchange, bringing the total number of designated banks to over 100, which is more than half of the 213 international connection banks in Russia. Among these, 33 banks will face transaction bans and will be disconnected from SWIFT (Society for Worldwide Interbank Financial Telecommunication).

Additionally, transactions with several cryptocurrency platforms identified by the EU as being used for circumvention of sanctions by Russia have also been directly prohibited. The names of the targeted operators have not been disclosed.

In a statement, Kaja Kallas, the EU's High Representative for Foreign Affairs and Security Policy, noted that this is the largest number of sanctions designations in the past four years, including over 100 banks and cryptocurrency operators, more than 40 vessels belonging to Russia's shadow fleet, oil refineries, and over 50 military industrial companies involved in long-range drone manufacturing.

In the 20th sanctions package adopted on April 23, the EU had already prohibited transactions with all cryptocurrency service providers based in Russia and Belarus. The 21st sanctions package expands the scope of regulation to include operators outside of Russia, tightening measures against circumvention through third countries.

Oil Price Cap Maintained for One Year

This sanctions package also includes a measure to maintain the price cap on Russian oil at $44.1 per barrel (approximately ¥7,200) for one year.

This cap applies to transactions utilizing EU shipping, insurance, and financial services, and if Russian oil is traded above this cap, EU companies will not be able to provide these services. Although the cap was expected to be raised to around $58.5 per barrel (approximately ¥9,560) due to rising oil prices, this adjustment has been frozen by the current measures.

The sanctions also target over 40 vessels from the shadow fleet, which are criticized for being outdated and lacking insurance, used to conceal the destinations of Russian oil shipments. This is the first time the EU has directly included these vessels in the sanctions.

Meanwhile, in response to Greece's request, a one-year exemption with automatic renewal has been established for EU companies transporting Russian LNG (liquefied natural gas) to third countries.

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