As part of the 19th sanctions package against Russia for its war against Ukraine, the European Commission is proposing to strengthen safeguards against circumvention by, for the first time, targeting crypto exchanges and adding new export restrictions on goods and technologies that can be used in the war.

Source: European Commission President Ursula von der Leyen, as reported by European Pravda

Details: In its proposal for the 19th package of sanctions, the Commission is aiming to close "financial loopholes" that help Russia bypass existing restrictions.

Quote from von der Leyen: "We are putting a transaction ban on additional banks in Russia and on banks in third countries. We are stepping up our crackdown on circumvention. As evasion tactics grow more sophisticated, our sanctions will adapt to stay ahead. Therefore, for the first time, our restrictive measures will hit crypto platforms and prohibit transactions in crypto currencies." 

Details:She added that foreign banks connected to Russia’s alternative payment systems will be sanctioned. The Commission will also limit transactions with entities in special economic zones.

The new measures include additional direct export restrictions on technologies and goods that could be used for warfare.

Quote from von der Leyen: "We also list 45 companies in Russia and third countries. These companies have been providing direct or indirect support to the Russian military industrial complex. In a war driven by innovation, cutting off Russia's access to key technologies is crucial. Above all when it comes to drones."

Background:

• The central element of the 19th package is a ban on imports of Russian liquefied natural gas (LNG) to EU countries starting 1 January 2027.
• The package also proposes sanctions against another 118 Russian shadow vessels and companies in China.

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