The EU is preparing a package of sanctions that will deal a major blow to Russian banks and cryptocurrency services

The European Commission has drafted proposals for the 21st package of restrictive measures against Russia, which calls for a significant expansion of financial pressure. About 90 Russian banks are set to be added to the new sanctions lists, marking the largest single expansion of restrictions in the financial sector in history. 

The inclusion of these new entities will result in more than half of Russian banks conducting international transactions being subject to sanctions. 

European Commission President Ursula von der Leyen stated that the strictest restrictions will apply to 35 banks (four of which are located outside Russia)—a complete ban on any transactions with EU residents will be imposed on them. In addition, the restrictions will extend to 11 cryptocurrency platforms in third countries that have helped Russia circumvent Western barriers. The EU is also introducing, for the first time, the legal ability to completely ban the provision of crypto-asset-related services in third countries, which is intended to serve as a powerful preventive tool against jurisdictions that assist Moscow in circumventing global financial restrictions.

This was reported by The Moscow Times.

The European Commission proposes to include in the new, 21st package of sanctions against Russia a ban on entry into the European Union for all individuals who served in the Russian armed forces during the war against Ukraine.

Once the war ends, Ukraine plans to introduce special restrictive entry procedures for Russian citizens entering its territory. This was stated by Foreign Minister Andriy Sibiga during a press conference in Vinnytsia. According to him, this involves enhanced controls, checks, and a permit system for visiting the country.