EU unveils largest sanctions package in four years targeting Russian banks, energy and crypto

The European Union has adopted its 21st sanctions package against Russia, tightening pressure on banks, energy companies, crypto platforms, ports and airports in response to Moscow’s war against Ukraine, the Council of the EU said on 23 July. The measures cover 48 individuals and 170 entities, the largest batch of listings in four years, according to the Council. (

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According to the Council’s statement, the package freezes assets and blocks transactions involving 94 banks and major financial institutions, while extending transaction bans to 33 further Russian credit and financial bodies. It also targets a Kyrgyz bank linked to Russia’s SPFS messaging system, alongside three other non-Russian banks accused of helping to circumvent sanctions. (consilium.europa.eu)

Brussels is also stepping up its pressure on Russia’s energy sector. The new measures pause the automatic adjustment of the oil price cap mechanism until 15 July 2027, and add 41 more vessels to the EU’s shadow fleet blacklist. The package further targets refineries, including three in Russia and one in Belarus, and creates the possibility of banning transactions with listed refineries in Russia and third countries that process Russian crude. (consilium.europa.eu)

The Council said the sanctions also reach 14 crypto-related service platforms in countries including Georgia, Panama, the United Arab Emirates, Kyrgyzstan and Belarus, as well as entities linked to the A7 network. For the first time, the EU has created the option of a wider third-country ban on crypto-asset services used by Russia to evade restrictions. (consilium.europa.eu)

The package goes beyond finance and energy. It names 56 people and companies tied to Russia’s military-industrial complex, including 37 directly linked to long-range drone production, while also widening export restrictions on dual-use goods and sensitive technologies. The Council said the list includes 51 additional entities, some based in third countries, that help Russia dodge controls on items such as microelectronics and machine tools. (consilium.europa.eu)

EU foreign policy chief Kaja Kallas said the bloc was hitting “over a hundred banks and crypto operators” and more than 50 military-industrial entities, describing the package as the largest number of listings in four years. The Council also said the measures provide a legal basis for a future visa ban on Russian combatants and ex-combatants, though the timing of that ban has yet to be set. (consilium.europa.eu)

Source: Noah Wire Services