The EU’s 21st Russia Sanctions Package Targets Crypto Platforms for Sanctions Evasion, Introduces Third-Country Ban Mechanism

The report summarizes the EU's 21st Russia sanctions package which imposes transaction bans on 14 crypto platforms operating in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus, introduces a novel third-country ban mechanism for crypto-asset services to curb sanctions evasion, and outlines broader financial and compliance implications for crypto-asset service providers and EU counterparties.