EU Readies Sweeping New Sanctions: 31 Banks, 20 Oil Traders and Crypto Platforms on List

The European Union is preparing its 21st sanctions package against Russia, a sweeping set of measures that will, for the first time, extend to cryptocurrency platforms operating in Georgia and several other jurisdictions, according to sources familiar with the draft. The package, reported by the Financial Times, is designed to target crypto companies and platforms based outside Russia that Brussels alleges have been providing services to sanctioned entities and aiding efforts to circumvent existing restrictions.

In a dramatic twist, the measures will also include sanctions against 31 Russian banks and 20 oil traders operating in third countries, as the EU seeks to intensify pressure on Moscow’s financial and energy networks. Having reviewed the draft list, it is understood that 11 cryptocurrency platforms registered in Belarus, Georgia, Nigeria, Panama, the United Arab Emirates and the Marshall Islands will be included. The list also features four banks from Kyrgyzstan, Mongolia and India, as well as five oil traders based in the United Arab Emirates.

The new package comes after the EU took the decision to remove Georgia’s Kulevi oil terminal from its 20th Russia sanctions list, a move that followed formal commitments from Georgian authorities and the port’s operator, Azerbaijan’s SOCAR, to ensure full compliance with international sanctions. This decision reflects Brussels’ willingness to adjust its measures in return for verifiable assurances from third countries.

Another significant element of the 21st package involves the imposition of visa restrictions on Russian citizens who have served in the Russian armed forces since the start of the full-scale war in Ukraine. In addition, Brussels is said to be considering postponing a planned reduction in the price cap on Russian oil until January, a move intended to curb any sharp increase in Russia’s oil revenues amid rising global prices linked to the conflict with Iran.

However, the decision on the price cap requires the unanimous support of EU member states. The agreement must be approved by 15 July; otherwise, the cap will automatically rise above its current level of $44.10 per barrel, which would undermine the effectiveness of the existing restrictions. Speaking on condition of anonymity, one European diplomat noted that the timing of the price cap review has become a matter of intense debate among member states.

The new sanctions package also includes additional restrictions on imports of various metals and seafood products, as part of the EU’s broader efforts to further reduce Russia’s economic capacity and export revenues. The matter came to light as Brussels continues to refine its approach to sanctions, balancing the need for pressure on Moscow with the practical realities of enforcement in an increasingly complex global financial landscape.