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The European Council has introduced a 14th package of sanctions, focusing on crypto providers outside of Europe that support Russia’s defense-industrial base.
European leaders announced this new package of sanctions aimed at high-value sectors of the Russian economy, including energy, finance, and trade, to make it increasingly difficult to bypass EU sanctions.
In a June 24 press release, the European Council disclosed that the latest package imposes restrictive measures on an additional 116 individuals and entities responsible for actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine. The sanctions list now includes over 2,200 entities.
“The 14th package of sanctions demonstrates our unity in supporting Ukraine and seeking to limit Russia’s criminal activities against Ukrainians, including efforts to circumvent EU measures.” – Josep Borrell, high representative of the EU for foreign affairs and security policy
The European Council’s measures also include a ban on transactions involving crypto providers established outside the EU when these entities facilitate transactions that support Russia’s defense-industrial base. This includes the export, supply, sale, transfer, or transport of dual-use goods and technology, sensitive items, battlefield goods, firearms, and ammunition towards Russia.
Industry experts suggest that monitoring the sector for potential sanctions violations will require extensive due diligence efforts, though specifics on how European countries plan to enforce these measures remain unclear.
This development follows stricter regulations agreed upon by the European Council and Parliament a few months ago to enhance anti-money laundering (AML) measures in the crypto sector. Starting January, crypto firms must closely scrutinize their customers, particularly for transactions of €1,000 or more, to ensure cryptocurrencies aren’t used for illegal activities or sanctions evasion.
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