- Key Details of the New Sanctions Against Crypto Platforms
- Other Major Measures in the 19th Sanctions Package
- Overview of Existing Sanctions on Russia
- Russian Crypto Exchanges and Platforms in 2025
- Impact on the Crypto Market and Russia’s Crypto Industry
The European Commission has announced its 19th sanctions package against Russia, which for the first time includes direct restrictions on cryptocurrency platforms and digital asset transactions. The goal is to close financial loopholes that Russia has used to bypass earlier sanctions. European Commission President Ursula von der Leyen stated that all crypto transactions involving Russian residents will now be blocked, and crypto platforms themselves may be added to sanctions lists directly—rather than only indirectly through AML regulations or transaction limits.
Key Details of the New Sanctions Against Crypto Platforms
The new measures ban all cryptocurrency transactions with Russian individuals and entities that are already under sanctions. The restrictions extend beyond Russian crypto firms to include foreign banks linked to Russian alternative payment systems, as well as companies from special economic zones that were previously used to circumvent sanctions. In practice, this means tighter controls and blocking attempts to use crypto for transferring funds out of Russia or connecting with international platforms.
Other Major Measures in the 19th Sanctions Package
Beyond crypto, the package also includes:
1.A phased ban on Russian LNG imports, with a full halt by 2027.
2.Sanctions against new Russian banks and the “Mir” payment system.
3.Restrictions on 118 vessels suspected of sanctions evasion and oil transport.
4.Stricter oversight of companies in special economic zones.
Overview of Existing Sanctions on Russia
The EU and its allies have already imposed sweeping sanctions across finance, energy, transport, and tech exports. Key measures include:
– Bans on transactions with major Russian energy companies (Rosneft, Gazprom Neft).
– Gradual reduction of Russian fuel imports, including LNG phase-out.
– Financial sanctions targeting banks, payment systems, and intermediaries helping to bypass restrictions.
– Prohibition on providing insurance and shipping services for Russian oil exports.
– Export restrictions on advanced equipment and technologies.
– Tightened visa and diplomatic rules for Russian citizens and organizations.
– Lower price caps on Russian oil to cut state revenues.
Together, these measures are designed to restrict capital flows, reduce energy income, and increase international pressure on Russia.
Russian Crypto Exchanges and Platforms in 2025
Despite tougher sanctions, Russian users remain active on a number of exchanges that provide access to crypto through ruble payments and P2P services. Leading platforms include:
1.Bybit – Major exchange offering spot and futures trading, mandatory KYC, leverage up to 100x, and low fees. Ruble transactions are supported via P2P.
2.BingX – Social trading platform with a Russian-language interface and optional verification. Ruble P2P trading is available.
3.OKX and KuCoin – Large global exchanges that still allow Russian users to trade via P2P marketplaces, with mandatory KYC.
4.MEXC, Bitget, CoinEx, HTX, Gate.io, and Phemex – Popular platforms supporting ruble transactions and various trading tools, many offering access through P2P markets.
Beyond exchanges, Russia also continues to develop crypto mining services and wallets, though these face increasing international scrutiny and the risk of being blocked.
Impact on the Crypto Market and Russia’s Crypto Industry
The EU’s new measures will make it significantly harder for Russian residents to conduct crypto transactions and will further isolate Russian platforms from international partners. Directly sanctioning crypto exchanges will restrict their operations and limit fund outflows.
That said, analysts note that access to European and U.S. exchanges has already been limited for many Russian users, making these sanctions largely symbolic. The new rules also serve as a warning to international firms about the risk of secondary sanctions when dealing with Russia.
In the long run, these restrictions could drive a restructuring of Russia’s crypto sector, strengthening domestic and Asian platforms. At the same time, stricter oversight from Russian regulators and new sanction-avoidance schemes are likely to emerge.
