European Commission Imposes New Crypto Sanctions Targeting Russian Circumvention
The European Commission has introduced its 21st package of sanctions against Russia, which includes a new ban on third-country transactions aimed at preventing the circumvention of sanctions through crypto assets. This package, the largest in four years, targets over 100 banks and crypto asset firms, specifically those supporting the A7 Network’s rouble-backed stablecoin. The sanctions also prohibit Russian nationals from holding board positions in crypto asset services regulated under the Markets in Crypto-Assets (MiCA) regulations. Additionally, transaction bans have been placed on 14 crypto providers across several countries, including Belarus, Georgia, and the UAE. The sanctions extend to oil trading companies and vessels involved in shipping Russian oil, with measures to counteract the 'shadow fleet' that obscures ownership and operation details. 
