EU bans Russian crypto exchanges and ruble stablecoins

The European Commission on Thursday unveiled a sanctions package that bars transactions with Russian crypto asset service providers, decentralized trading platforms, ruble‑pegged stablecoins and the central bank digital currency the Bank of Russia is developing.

The measures are part of a broader package targeting Russia’s energy and financial sectors. The commission described a “total sectorial ban on carrying out exchanges with any Russian crypto asset service provider as well as any decentralised platforms enabling crypto trading” that could be used to evade restrictions.

The ban covers centralized Russian crypto firms and decentralized protocols that enable trading linked to Russian counterparties. It also prohibits the use of stablecoins pegged to the Russian ruble and blocks the digital currency under development by the Central Bank of Russia. Officials said the aim is to close routes that could let sanctioned entities move value internationally through digital assets.

European Commission President Ursula von der Leyen, speaking after a meeting with Ukrainian President Volodymyr Zelenskyy, said the package increases pressure on Russia to enter negotiations on terms acceptable to Ukraine and noted the ongoing harm to civilians from attacks on infrastructure.

Brussels cited growing evidence that Russia has become more reliant on cryptocurrencies for international transactions after earlier sanctions. The commission named actions aimed at entities linked to Belarus and referenced stablecoins alleged to have been used in transactions tied to Russia.

The announcement followed coordination between EU leaders and Ukraine and comes as policymakers in other jurisdictions review how digital assets might be used to bypass sanctions. Exchanges and regulators have been examining compliance controls in response to those concerns.

The commission represents the European Union’s 27 member states. Officials said the new crypto measures will complement existing sanctions designed to limit Russia’s ability to finance and sustain military operations.