EU and UK Expand Russia Sanctions to Crypto Services, Financial Institutions, and Shadow-Fleet Support
Key Takeaways
- 01The EU adopted its 21st Russia sanctions package on July 23, 2026, with 218 new listings comprising 48 individuals and 170 entities.
- 02The EU measures cover energy, financial services—including crypto-asset services—and mining, and apply to Russian as well as non-Russian targets.
- 03The package extends the shadow-fleet regime to certain support services, including bunkering, ship-to-ship transfers, ports, and refineries.
- 04The EU expanded financial-sector restrictions to additional Russian and third-country banks and introduced the possibility of a blanket third-country prohibition on crypto-asset services.
- 05The UK FCDO added 70 targets under the Russia (Sanctions) (EU Exit) Regulations 2019, including individuals, entities, and vessels.
The European Union and United Kingdom have expanded Russia-related sanctions in measures described as significantly broadening their extraterritorial and commercial reach, including toward crypto-asset services, shipping support, financial institutions, and non-Russian entities. On July 23, 2026, the EU adopted its 21st Russia sanctions package, targeting Russian and third-country actors in the energy, financial-services, crypto-services, and mining sectors. The package is described as the largest sanctions wave since 2022, comprising 218 listings: 48 individuals and 170 entities. Separately, the UK Foreign, Commonwealth and Development Office (FCDO) designated 70 additional targets under the Russia (Sanctions) (EU Exit) Regulations 2019, including 11 individuals, 32 entities, and 27 ships.