The European Union proposed banning transactions on 11 crypto platforms as a part of its twenty first sanctions bundle towards Russia.
Kaja Kallas, vp of the European Fee and the EU’s excessive consultant for international affairs and safety coverage, outlined measures concentrating on banks, weapons producers, oil merchants, refineries and different entities exterior the bloc.
“We may even tighten our ban for crypto-asset companies to sure third international locations, add new designations, and ban transactions on 11 crypto platforms,” Kallas stated in a publish on X.
The proposal would widen the EU’s sanctions marketing campaign past Russian banks and power revenues to crypto companies accused of serving to Moscow circumvent restrictions imposed over its struggle in Ukraine.
Supply: Kaja Kallas
The Fee didn’t establish the 11 crypto platforms in its public statements. Cointelegraph sought clarification on which platforms could be affected, however the Fee didn’t present further particulars earlier than publication.
European Fee President Ursula von der Leyen stated the bundle contains bans on 31 further Russian banks and 20 entities in third international locations, together with banks, crypto platforms and oil merchants.
She stated the targets had served sanctioned Russian people and entities or helped circumvent EU measures.
EU proposal follows UK sanctions towards HTX
The EU proposal follows the UK’s Might 26 sanctions towards Huobi International S.A., the Panamanian firm behind HTX, over alleged help for Russia-linked monetary networks.
UK authorities stated there have been affordable grounds to suspect HTX had supported the Russian authorities by monetary companies and funds facilitated by A7 Restricted Legal responsibility Firm and Garantex, each sanctioned entities.
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HTX has denied the allegations, saying the sanctioned entity is separate from the web trade. A International Ledger report later stated HTX processed about $21.06 billion in high-risk crypto flows between 2021 and Might 2026. Of that whole, no less than $7.64 billion was linked to Russian high-risk entities and darknet markets, together with Garantex, its successor Grinex, A7A5 and Hydra.
The UK sanctions drew criticism from blockchain researchers, who warned that broad exchange-level tainting might freeze professional customers and make crypto compliance instruments much less efficient at tracing illicit funds.
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