EU Proposes Ban on Transactions for 11 Crypto Platforms in Sanctions Against Russia
- The European Union aims to ban transactions on 11 crypto platforms as part of its sanctions package against Russia.
- Kaja Kallas, EU Vice President, announced measures targeting banks and entities aiding sanctioned individuals.
- The sanctions package also includes bans on 31 Russian banks and 20 entities in third countries.
- This proposal follows the UK’s sanctions against Huobi Global S.A., linked to alleged support for Russian financial networks.
- HTX processed approximately $21.06 billion in high-risk crypto flows, with at least $7.64 billion tied to Russian entities.
The EU’s proposed ban is part of a broader strategy to tighten restrictions on crypto-asset services that could facilitate circumvention of sanctions against Russia. The targeted platforms have not been publicly disclosed by the Commission.
This initiative reflects ongoing efforts to combat financial networks supporting sanctioned activities, following the UK’s recent actions against HTX for its alleged connections to Russian operations.(Source)
