EU approves 20th Russia sanctions package, imposes full ban on Russian crypto platforms and RUBx stablecoin

The EU Council on Thursday adopted its 20th sanctions package against Russia, introducing a sweeping sector-wide ban on crypto-asset transfer and exchange services provided by suppliers and platforms created in Russia. The measures also prohibit transactions involving RUBx, a rouble-backed stablecoin, and bar any EU support for development of the digital rouble. The European Commission said Russia's central bank digital currency initiative is "set up to enable sanctions circumvention." The crypto restrictions are part of a broader financial push that includes transaction bans on 20 Russian banks and four third-country financial institutions accused of helping Moscow evade earlier sanctions. Outside the financial sector, the EU added 46 "shadow fleet" tankers to its sanctions list, taking the total to 632 vessels. It also announced 36 new energy-sector designations targeting Bashneft, Slavneft, and refineries at Tuapse, Komsomolsk, Angarsk, Achinsk, Syzran, Ryazan, and Afipsky. A total of 120 individuals were listed, marking the largest such round in two years. In a first for anti-circumvention actions, the EU imposed export bans on CNC machines and radios to Kyrgyzstan, citing the risk of re-export to Russia. Military-production entities in China, the UAE, and Türkiye were also targeted. The sanctions package was approved alongside a €90 billion EU support program for Ukraine after Hungary and Slovakia dropped their vetoes. EU foreign policy chief Kaja Kallas said the bloc had "broken the deadlock." The first tranche of Ukraine funding is expected in May or June.