The European Union is preparing a 21st sanctions package against Russia that would expand pressure on crypto-related activity, including a proposed restriction on third-country crypto service providers, according to CoinDesk. The package also targets 14 crypto companies, though the firms have not yet been identified.
If adopted, the move would mark the first time the EU has considered a ban on crypto services providers based outside the bloc. The measure appears aimed at tightening enforcement around cross-border digital asset flows that may be used to support sanctioned activity. The source said the package is linked to a crypto network valued at about $120 billion.
Details on the structure of the proposed restrictions remain limited. It is not clear which jurisdictions could be affected by the third-country provider proposal, nor how broadly the EU would define covered services. The absence of named companies also leaves open which parts of the crypto industry may be in scope.
The latest package would add to a broader European effort to constrain Russia’s access to financial channels and services. Crypto has been a recurring area of concern for policymakers seeking to limit sanctions evasion, particularly where assets can move across borders faster than traditional payment rails.
For the market, the immediate significance lies less in any confirmed implementation timeline than in the signal the proposal sends. A ban on certain external service providers would represent a more explicit regulatory line around crypto-linked activity in sanctions policy, while the targeting of additional firms suggests the EU is continuing to widen its focus beyond conventional banking and trade channels.
The EU has not yet publicly named the companies involved, and the package still appears to be under consideration. As a result, the final scope, legal form and enforcement details may change before any formal adoption.
Source: CoinDesk.
