EU Tightens Russia Crypto Sanctions, Blacklists 14 Platforms and Targets A7 Ruble Network

The European Union on July 23 approved its 21st package of sanctions on Russia, widening restrictions on cryptocurrency activity. The measures extend the transaction ban to 14 crypto service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus, and add four new sanctions aimed at the A7 Russian ruble network. The rules, set to take effect on August 25, bar Russian and Belarusian citizens from holding or controlling, or serving in management roles at MiCA-compliant crypto-asset service providers in the EU. The restrictions also cover related services including consulting, portfolio management and facilitating crypto-asset transfers for clients. The framework also gives the EU authority to impose a broad prohibition on crypto transactions with third countries that fail to prevent sanctions evasion. The regulation specifies that the currently empty list of such countries "shall include only those third countries deemed by the Council of the EU to have systematically and persistently failed to prevent crypto asset service providers or platforms for crypto asset transactions and transfers from operating." (Bitcoin.com News)