The European Union approves its 21st sanctions package against Russia, expanding crypto restrictions, sanctioning banks, and freezing the oil price cap.
The European Union has approved its 21st sanctions package against Russia. The new measures are adding to the pressure on the Russian financial system and digital asset industry. They also broaden the ban on crypto exchanges associated with sanctions evasion. According to Reuters, EU member state envoys reached an agreement after several rounds of discussions.
EU Expands Crypto and Banking Restrictions
The new package includes 94 Russian financial institutions. It also extends the sanctions to the Moscow Exchange. In addition, the European Union has expanded the restrictions on other cryptocurrency platforms. The platforms enabled sanctioned entities to carry on financial operations after previous restrictions.
Related reading: Russian Parliament Approves Comprehensive Crypto Legislation | Live Bitcoin News
The package also extends the restrictions to 20 non-EU financial and crypto companies. These groups were allegedly involved in financial services linked to Russian operations. This will help the European Union limit cross-border payment avenues that might undermine current sanctions, the EU said.
The new regulations also put pressure on Virtual Asset Service Providers (VASPs) outside of Russia. The measures target providers that have exchange routes for Russian capital. As a result, there may be increased compliance obligations for businesses that interact with sanctioned businesses.
These actions are based on the 20th sanctions package adopted in April 2026. Previously, wider restrictions were implemented on Russian-based crypto service providers. They also banned the RUBx stablecoin, the Central Bank of Russia’s digital ruble, and the A7A5 token. The new package reinforces the existing rules rather than replacing them.
EU foreign policy chief Kaja Kallas called the deal the EU’s “biggest sanctions package in 4 years. It contains 218 new listings of banks, companies, ships and other entities related to Russia, she said on X.
We have agreed on the 21st sanctions package against Russia.
It delivers sweeping measures targeting Moscow’s financial system, its military-industrial complex and energy sector, that keep Russia’s war economy running.
We are hitting Putin where it hurts most: cutting off the…
— Kaja Kallas (@kajakallas) July 23, 2026
Oil Cap Freeze and Shadow Fleet Face New Measures
There are also significant energy sanctions in the package. The EU’s oil price cap on Russia will remain at $44.10 per barrel for the next 12 months. The European Commission’s president, Ursula von der Leyen, said the move is designed to stop Russia from taking advantage of “sudden market changes.
Another important measure targets Russia’s so-called shadow fleet. The European Union will impose sanctions on ships assisting these shipping operations for the first time. The ships are used for transport and logistics services related to Russian oil exports, officials said. This step broadens sanctions to non-financial institutions and digital assets.
Russian LNG was also discussed during the negotiations. Greece contended that the decision to ban Russian LNG transfer services would primarily result in a loss of business, rather than in a loss of income, for the Russians. But the European Union announced that Russian LNG imports will still be prohibited from January 1.
Greece is still one of the largest LNG carrier operators in Europe and has to compete with other major shipping markets such as Japan, China and the USA. One EU official said the member states had been united in supporting Greece in the talks and hoped to be supported in the same way in the future.
Lastly, the 21st sanctions package represents another effort to tighten financial enforcement against Russia. The European Union is seeking to fill gaps in its sanctions regime, to add more banks to its list of sanctions, to target shipping vessels and to freeze the oil price cap to squeeze Russia’s economy.
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