EU bans all Russian crypto services from May 24, 2026

The EU Council adopted its 20th package of sanctions against Russia, introducing a sectoral ban on all crypto services registered in Russia. The ban, set out in amendments to Regulation (EU) No 833/2014 and Decision (CFSP) 2026/508, takes effect on May 24, 2026. Market participants may complete existing contracts until that date.

The measure prohibits direct and indirect transactions with any crypto provider or exchange registered in Russia. Exceptions are narrow: EU diplomatic missions and partner countries in Russia, EU citizens who lived in Russia before Feb. 24, 2022, and companies winding down business in Russia. Winding-down authorizations require approval from the competent authority of an EU member state.

The regulation expands the list of prohibited crypto assets. A token called RUBx has been added. Transactions with central bank digital currencies on the sanctions list are forbidden, and the regulation bars EU support for their development. The measure targets the planned Russian digital ruble. A ruble-pegged stablecoin known as A7A5, already subject to earlier measures, is again central to the package; the EU says transfers via A7A5 exceeded $100 billion in early 2026.

A Kyrgyz organization that operates an exchange with significant A7A5 trading volumes has been placed under personal sanctions and will be named in the annexes published in the Official Journal of the EU. Earlier packages had already listed affiliated Kyrgyz companies Old Vector and Grinex.

The Council said targeted listings of individual platforms were ineffective after investigations showed sanctioned exchanges’ operations migrated to other legal entities. The Garantex case, where operations moved to new structures after its February 2025 listing, is cited in the regulation as a reason for adopting a sector-wide ban.

The package also covers services used to bypass sanctions that do not qualify as banks or crypto providers. Mutual offset or netting schemes, reconciliation services and arrangements that enable cross-border settlements for Russian clients are included. “Mirror” and successor structures of blocked crypto providers and payment services are explicitly prohibited.

Financial-sector measures add a ban on transactions with 20 named Russian banks and restrictions on four additional financial institutions in third countries that the EU says aided circumvention or are linked to Russia’s SPFS payment system. Similar crypto restrictions have been applied to Belarus, and the sanctions regime against Minsk has been extended until Feb. 28, 2027.

The package coincides with a draft Russian law titled “On Digital Currency and Digital Rights,” which would require storage of cryptocurrencies in depositories controlled by the Central Bank, prohibit personal wallets and cap unqualified investors’ purchases at 300,000 rubles per year. The draft could take effect on July 1, 2026. The regulation warns that crypto assets that have been used in Russian-controlled circuits may face additional restrictions when moved across borders.