EU sanctions Russian crypto usage for 20th time adding bans on digital rubles and anyone using Russian crypto services

The European Union has implemented its twentieth sanctions package against Russia, significantly expanding restrictions on crypto usage. This new package, adopted on April 23, targets service providers, decentralized platforms, ruble-backed tokens, payment agents, and support for the digital rouble. Unlike previous measures that focused on specific entities, this round aims higher, targeting the service layer that enables Russia-linked crypto settlements, including third-country platforms used to circumvent sanctions. The EU views these measures as closing loopholes, as Russia increasingly relies on crypto for international payments due to traditional financial route restrictions. The package introduces a blanket ban on doing business with any Russian crypto asset service provider and extends to decentralized platforms used for evasion. Key targets include Russian crypto asset service providers, decentralized platforms, specific tokens like TengriCoin (A7A5) and RUBx, Russian payment and netting agents, and support for the digital rouble. The EU is now treating stablecoins, CBDC projects, and their associated providers as integral parts of a sanctions-relevant payment architecture. Compliance now requires screening the entire transaction route, not just individual entities, to identify Russia-based providers, third-country platforms with Russian liquidity, or settlement routes involving sanctioned tokens. This comprehensive approach aims to increase friction and reduce the dependability of Russia-linked crypto transactions, potentially leading to migration of activity to less transparent venues. The EU's strategy is to target the underlying architecture of these crypto rails, treating them as real financial infrastructure.

(Source：CryptoSlate)