EU targets over 100 banks, crypto operators, oil vessels in latest Russia sanctions

The European Union has approved its 21st sanctions package against Russia, freezing the price cap on Russian oil for a year and adding banks, crypto operators, and dozens of shadow-fleet tankers to its blacklist.

This is the largest set of sanctions the bloc has put in place since 2022, and they are directed at further isolating Russia.

EU expands bans on Russia

Following weeks of difficult talks among the 27 member states, the European Union has approved its 21st sanctions package against Russia. The new measures target banks, cryptocurrency operators, and oil tankers and are designed to stop Russia from getting around earlier restrictions.

European Commission President Ursula von der Leyen said the sanctions “continue to weaken the economic foundations of Russia’s war effort.” European Council President António Costa said the EU is focusing on “energy, financial services, crypto, and trade.”

The sanctions package hits 218 individuals and entities in total, including more than 100 banks and crypto operators. It also covers over 40 vessels from Russia’s so-called “shadow fleet” and several oil refineries.

The “shadow fleet” is a group of often old and poorly insured ships used to transport Russian oil in a way that hides where it is going. This is the first time the EU has directly targeted these vessels.

The new rules add 32 more Russian banks to the transaction ban list, meaning they will be cut off from SWIFT, the global system banks use to send payment instructions.

A key part of the package is freezing the price cap on Russian oil. The cap, which is set at $44, is the price EU companies are allowed to pay for shipping Russian oil. The price was supposed to go up to $58 a barrel, but the EU froze the cap at $44 for one year, stopping Russia from making more money from higher oil prices.

Von der Leyen said this is so that “the Russian war machine does not benefit from market shocks.”

For the first time, the package also takes a step towards banning Russian combatants from entering the EU.

Why did it take the EU so long to agree on the sanctions?

The approval for the sanctions took weeks of difficult talks because some member states were worried that the sanctions could harm their own economies more than Russia’s. 

Greece, for instance, is a major player in shipping. It wanted to protect its companies that transport Russian liquefied natural gas (LNG), and so it blocked the deal until it got a special exemption.

Under the deal, Greece secured a one-year exemption that can be renewed automatically. 

Bulgaria also blocked the sanctioning of the head of the Russian Orthodox Church, while other countries opposed bans on some fish imports. 

Cryptopolitan reported that the EU’s 20th package in April banned all Russia-based crypto service providers, specifically the ruble-pegged stablecoin A7A5, along with another token, RUBx. Brussels also sanctioned two Kyrgyz banks accused of processing crypto-linked payments for Moscow.

A7A5 is a stablecoin issued by Kyrgyzstan-registered Old Vector and running on the Tron and Ethereum blockchains. It reportedly processed over $90 billion in 2025.