The European Union is considering banning all cryptocurrency transactions with Russia, aiming to curb Moscow’s use of digital assets to evade sanctions, according to a document obtained by the Financial Times.
The EU is looking to block “copycat Russian crypto entities spun out of already sanctioned platforms” and say those entities are being used to enable trading used in Russia’s war against Ukraine, the FT reported on Tuesday.
Kyrgyzstan could also be affected. The EU is also proposing a ban on the export of certain dual-use goods and alleges that companies in the country sold goods to Russia, like electronics that are used in drones and weapons, according to the FT.
“Imports of common high-priority items from the EU to Kyrgyzstan have grown almost 800 percent since the war began, while exports from the country to Russia are 1,200 percent higher,” the document obtained by the FT says, adding that continued trade “demonstrates a continuing and particularly high risk of circumvention.”
The measures are intended to prevent the emergence of “heirs” to the Russian crypto exchange Garantex, which the EU sanctioned last year, the FT reported.
Blockchain intelligence firm TRM Labs has said Garantex — alongside Iranian exchange Nobitex — accounted for more than 85% of inflows to sanctioned entities and jurisdictions in 2024. The United States has also sanctioned Garantex, redesignating it last year. The Treasury Department’s Office of Foreign Assets Control has said most funds sent to Garantex originated from other cryptocurrency exchanges used for criminal activity.
As for next steps in the EU, the proposals would need unanimous approval from its member states. Three of the 27 countries have been wary of the ban, according to reporting from the FT.
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