EU Proposes New Sanctions on 90 Russian Banks and Crypto
The European Union has proposed a new sanctions package targeting nearly 90 Russian banks and 11 crypto platforms to weaken Moscow's financial system. The measures include asset freezes and transaction bans while extending restrictions on oil price caps and liquefied natural gas operations.
The European Union proposed a 21st sanctions package against Russia on Tuesday, targeting nearly 90 banks to cripple Moscow’s financial infrastructure. The measures expand the list of sanctioned lenders to over 100, representing more than 50% of the country's internationally connected banks. This escalation aims to shut down smaller lending networks and crypto channels used to bypass existing Western restrictions.
### Targeting the Financial Backdoor EU chief diplomat Kaja Kallas said the proposal includes asset freezes and travel bans for 170 individuals and entities. The package specifically addresses the shift toward smaller lenders that Russia has used since major banks were disconnected from SWIFT in 2022. Kallas noted that the EU intends to deal a heavy blow to the financial sector by imposing transaction bans on over 30 banks.
