EU extends crypto transaction bans to Belarus-based platforms in 21st Russia package

The European Union has adopted its 21st sanctions package against Russia, extending transaction bans to 14 crypto service platforms. 

Several of these banned platforms are based in Belarus, and the EU has given itself the power to ban crypto services in an entire country if that country helps Russia dodge sanctions.

What does the EU’s transaction ban entail for Belarus? 

Belarus is a key part of the EU’s newly imposed sanctions against Russia because it hosts crypto platforms the EU says help Russia bypass restrictions. The EU also wants to stop Russia from using Belarus as a workaround for moving money.

The EU’s transaction ban now covers 14 crypto-related service platforms spread across six countries; Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. 

The EU also imposed asset freezes and a prohibition on making funds available to 94 Russian banks and major financial institutions, and extended transaction bans to 33 more Russian credit and financial institutions.

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