- The European Union has proposed banning transactions on 11 crypto platforms as part of new sanctions against Russia.
- The move widens sanctions beyond banks and energy to target platforms accused of helping Russia circumvent financial restrictions.
- The proposal follows the United Kingdom‘s recent sanctions against HTX for its alleged support of Russia-linked financial networks.
The European Commission proposed a major expansion of its sanctions against Russia on [publish date], targeting 11 cryptocurrency platforms as part of a wider package to curb evasion. The move, outlined by EU foreign policy chief Kaja Kallas, aims to tighten a crypto-asset service ban and block specific entities outside the bloc.
However, the Commission did not publicly identify the 11 platforms in its initial statements. Cointelegraph sought clarification but received no additional details before publication.
Consequently, this action extends the EU’s campaign beyond traditional financial and energy sectors. European Commission President Ursula von der Leyen said the targets had supported sanctioned individuals or helped circumvent EU measures.
Meanwhile, this proposal follows recent UK sanctions against the Panamanian company behind HTX. UK authorities alleged the exchange supported Russian networks through sanctioned entities like Garantex.
HTX has denied the allegations, separating itself from the sanctioned legal entity. A Global Ledger report later claimed the exchange processed billions in high-risk crypto flows, with over $7.64 billion linked to Russian entities.
The UK sanctions drew criticism from some blockchain researchers. They warned broad exchange-level tainting could freeze legitimate users and hinder effective fund tracing.
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