The EU has proposed a comprehensive ban on cryptocurrency transactions linked to Russia.

According to the Financial Times, the European Union has proposed a comprehensive ban on cryptocurrency transactions related to Russia to curb its use of crypto assets to circumvent sanctions. This includes prohibiting transactions with any cryptocurrency service providers or platforms established in Russia. The EU also plans to invoke its anti-circumvention powers for the first time to restrict certain trade with Kyrgyzstan, alleging that it is being used to resell restricted goods to Russia. The draft also proposes new sanctions against approximately 20 banks, a ban on digital ruble transactions, and a tightening of the ban on services to Russian oil tankers. The proposal requires unanimous agreement from member states, and some countries have expressed reservations.