EU Approves 21st Sanctions Package Targeting Russian Banks and Crypto Networks

The European Union has agreed on its largest sanctions package in four years against Russia, targeting the banking sector and cryptocurrency operators while easing restrictions on Russian LNG for Greece.

Package Hits Banks, Crypto and Oil Refineries

The new round designates 218 entities and individuals, including 94 Russian financial institutions and Moscow’s stock exchange. EU chief diplomat Kaja Kallas said the package hit more than a hundred banks and crypto operators, along with over 40 shadow fleet vessels and several oil refineries in Russia and Belarus. Of the newly listed banks, 32 will be disconnected from the SWIFT payment system, pushing the total number of sanctioned lenders past half of Russia’s internationally connected banks.

Greece Secures LNG Exemption

Member states agreed to a one year, automatically renewable exemption allowing EU companies to transfer Russian liquefied natural gas to third countries, a compromise sought by Greece, which leads Europe’s LNG carrier market. Direct EU imports of Russian LNG remain banned starting January 1.

Oil Price Cap Frozen for a Year

The package freezes the Russian oil price cap at $44.10 a barrel for 12 months, preventing an increase despite rising crude prices linked to the Iran war. Most Russian oil already trades above the cap, with Urals crude valued around $67.50 a barrel this week.