EU Pushes for Expansion of Sanctions List Against Russia

The European Union (EU) is set to advance an additional sanctions list targeting Russian individuals and entities this fall. The 21st sanctions package, finalized in July, includes virtual asset services and third-country platforms, increasing the compliance burden on exchanges related to Russia. EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, stated in an interview with a German media outlet that he would propose the most extensive sanctions list since the war began. The new list will target approximately 1,600 individuals connected to the Russian military-industrial complex, with sanctions including asset freezes, transaction restrictions, and travel bans. Currently, there are over 3,000 individuals under sanctions, and the new list is expected to increase the total by about one-third. The 21st sanctions package includes 218 additional designations, covering 48 individuals and 170 entities, spanning financial services, virtual assets, trade, energy, and the military-industrial complex. The virtual asset provisions include blocking measures for third-country virtual asset services, and restrictions on Russian nationals owning or participating in the boards of virtual asset service companies. Binance has announced it will suspend transactions with certain virtual asset service providers, which may indirectly affect domestic exchanges and custodians. The fall package is set to be presented to EU member states in early September, with the goal of adoption in October.

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