The European Union has imposed its 21st sanctions package on Russia, targeting a $120 billion crypto network. This package is notable as it considers a ban on third-country crypto services providers for the first time.
As part of the sanctions, the EU is targeting 14 crypto companies, although the names of these companies have not been disclosed yet. This move is based on reporting from CoinDesk.
The sanctions aim to further restrict Russia's access to global financial systems, including the cryptocurrency sector. By targeting crypto services providers and companies, the EU seeks to limit Russia's ability to circumvent existing sanctions.