EU considers blanket crypto ban targeting Russia
Proposed measures could extend to banks and central bank digital currency infrastructure as the EU strengthens financial pressure linked to the Ukraine conflict.
European Union officials are weighing a sweeping prohibition on cryptocurrency transactions involving Russia, signalling a more rigid sanctions posture against alternative financial networks.
Policymakers argue that the rapid emergence of replacement crypto service providers has undermined existing restrictions.
Internal European Commission discussions indicate concern that digital assets are facilitating trade flows supporting Russia’s war economy. Authorities say platform-specific sanctions are ineffective, as new entities quickly replicate restricted services.
Proposals under review extend beyond private crypto platforms. Measures could include sanctions on additional Russian banks, restrictions linked to the digital ruble, and scrutiny of payments infrastructure tied to sanctioned trade channels.
The consensus remains uncertain, with some states warning that a blanket ban could shift activity to non-European markets. Parallel trade controls targeting dual-use exports to Kyrgyzstan are also being considered as part of broader anti-circumvention efforts.
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