EU to Ban All Crypto Transactions with Russia Amid Sanctions Evasion

The European Commission is drafting a blanket ban on crypto transactions with Russia to close loopholes exploited by sanctioned entities. Under the proposal, all EU individuals and firms would be prohibited from transferring crypto to or from Russia-based counterparties or platforms. This follows instances of rebranding, such as shuttered exchange Garantex relaunching as Grinex. The ban targets the A7 network and its A7A5 stablecoin, which processed over $100 billion in January, including $70 billion in sanctions-related flows last year. Approval requires unanimous support from all 27 EU member states, with three countries expressing concerns that may delay implementation.