EU Expands Sanctions to Crypto Exchanges in 16th Russia Package

The EU's 16th sanctions package against Russia targets a cryptocurrency exchange for the first time. It includes a ban on aluminum imports and adds 73 vessels to the sanctioned list. The move aims to prevent Russia's evasion of sanctions using cryptocurrencies.

The European Union has rolled out its 16th package of sanctions against Russia, notably targeting a cryptocurrency exchange for the first time. The latest measures, which include banning primary aluminum imports and gaming consoles, aim to tighten restrictions on Moscow's economic activities.

Diplomatic sources revealed last week that the new sanctions would prohibit the import of more than 275,000 tonnes of aluminum within the next year, eventually enforcing a complete ban by February 26. An exception allows for up to 50,000 tonnes contracted before February 25, 2026, to be imported.

In an effort to thwart Moscow’s use of cryptocurrency to skirt Western sanctions, the EU has included Garantex, a Russian cryptocurrency exchange with ties to EU-sanctioned Russian banks, in its blacklist. This decision is part of a broader strategy to curb Russia's financial bypass mechanisms.