Here’s a further rewritten version with a smoother news narrative:
The European Union is preparing to expand its Russia sanctions strategy by targeting crypto service providers for the first time, including 14 unnamed digital asset platforms operating outside the bloc.
Under the EU’s latest sanctions package, authorities have added four entities connected to the cross-border A7 network, including organizations tied to its expanding presence in Africa.
The bloc is also broadening its transaction restrictions to cover 14 crypto-related service providers based in countries such as Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus.
Blockchain research firm Chainalysis previously found that the A7 network, which supports the A7A5 stablecoin, has facilitated nearly $120 billion in transactions. The network has been linked to efforts aimed at helping Russia bypass global financial restrictions.
“We are targeting more than 100 banks and crypto operators, over 40 vessels connected to Russia’s shadow fleet, and several oil refineries in Russia and Belarus,” said Kaja Kallas, the EU’s High Representative for Foreign Affairs and Security Policy.
The latest action follows the EU’s April sanctions package, which officials described as the largest set of measures against Russia in two years. At the time, the bloc warned that Russia was increasingly using cryptocurrencies to facilitate international payments.
The announcement also comes days after Russia’s State Duma approved a comprehensive crypto regulatory framework, with most provisions expected to take effect on September 1. The new rules establish a legal structure for digital asset exchanges, custodians, service providers, traders, and investors.
The 21st sanctions package introduces a potential new tool that would allow the EU to block transactions involving foreign crypto providers allegedly used by Russia. If implemented, the measure would mark the bloc’s first broad third-country restriction targeting crypto services.
Beyond digital assets, the EU is also imposing asset freezes and funding restrictions on 94 banks and major financial institutions. Additional transaction bans will be applied to 33 Russian credit and financial organizations.
