Ukraine wants EU to shut down Russia's crypto schemes in next sanctions package

Prefer on Google by Martin Fornusek The Ukrainian and EU flags are seen side by side prior to the signing ceremonies on the margins of the EU-Ukraine Association Council at the Berlaymont, the EU Commission headquarters, on April 9, 2025, in Brussels, Belgium. (Thierry Monasse/Getty Images) Kyiv wants the EU to put an end to Russia's use of cryptocurrencies to evade sanctions as part of the next sanctions package, Suspilne broadcaster reported on April 23. Ukraine and Brussels have already begun discussions on the 21st package of sanctions against Moscow, following the passage of the 20th package this week. Kyiv's European partners have imposed massive economic restrictions on Russia after the outbreak of its full-scale war in Ukraine in 2022, aiming to cut off its revenue streams and stifle its ability to wage war. The next set of measures should further target Russian financial institutions, expand the list of sanctioned banks, and "finally shut down channels for using cryptocurrencies to circumvent restrictions," Vladyslav Vlasiuk, Ukraine's top sanctions policy official, told Suspilne . Russia has increasingly used cryptocurrencies to bypass Western financial restrictions, while the EU seeks to curb these methods. The 20th package included a sectoral ban on Russia-based crypto platforms, a transaction ban on the ruble-backed RUBx token, and targeted a Kyrgyzstan-based entity trading another ruble-pegged cryptocurrency, A7A5. Kyiv is also calling for tighter restrictions on Russia's maritime oil trade, improved tracking of sales of military-use components, and additional sanctions against oligarchs. Kaja Kallas , the EU's chief diplomat, confirmed that European leaders are urging the bloc to push ahead with the 21st sanctions package. "It sends a very clear signal to Russia that they cannot outweigh us," Kallas said on April 24. The EU's 20th package included 120 new listings and targeted Russia's energy, financial, and trade sectors. Its adoption had been blocked for months by Slovakia and Hungary amid their dispute with Ukraine over disruptions to oil transit through the Druzhba pipeline.