EU extends crypto transaction bans to Belarus-based platforms in 21st Russia package

The European Union has adopted its 21st sanctions package against Russia, extending transaction bans to 14 crypto service platforms. 

Several of these banned platforms are based in Belarus, and the EU has given itself the power to ban crypto services in an entire country if that country helps Russia dodge sanctions.

What does the EU’s transaction ban entail for Belarus? 

Belarus is a key part of the EU’s newly imposed sanctions against Russia because it hosts crypto platforms the EU says help Russia bypass restrictions. The EU also wants to stop Russia from using Belarus as a workaround for moving money.

The EU’s transaction ban now covers 14 crypto-related service platforms spread across six countries; Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus. 

The EU also imposed asset freezes and a prohibition on making funds available to 94 Russian banks and major financial institutions, and extended transaction bans to 33 more Russian credit and financial institutions.

Kaja Kallas, the EU’s foreign policy chief, confirmed on X that the package targets more than 100 banks and crypto operators, over 40 shadow-fleet vessels and several oil refineries in both Russia and Belarus. 

Belarus runs two refineries, Naftan and the Mozyr Oil Refinery, and Naftan has already been under EU sanctions since the summer of 2022. 

The EU also placed import bans on goods that bring in significant revenue for Belarus and export restrictions on items related to the military industry. 

What is the new power to ban crypto across entire countries?

The EU can now block any transaction between a European company or citizen and any crypto provider in a country that helps Russia avoid sanctions. 

The creation of this new country-wide power is because of a pattern the EU has observed over the past year. Blockchain analytics firm TRM Labs found that after authorities seized the Russia-linked exchange Garantex in March 2025, the same operators launched a nearly identical replacement called Grinex within just a few months.

The EU explained its reasoning for adopting the law, saying that listing individual crypto platforms one by one does not work, because “any further listing of individual crypto asset service providers is therefore likely to result in the set-up of new ones to circumvent those listings.” 

Old Vector, a company registered in Kyrgyzstan, launched a stablecoin called A7A5 that runs on the Tron and Ethereum blockchains. The token allowed users to move their balances from Garantex over to Grinex. 

Cryptopolitan reported that the EU had already banned that token in an earlier round of sanctions. It also reported that the package freezes the price cap on Russian oil at $44 a barrel for one year, blocking its automatic rise to $58. 

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