European Union Issues 16th Sanction Package To Russia Including Crypto Use

JAKARTA - European Union foreign ministers adopted the 16th sanction package against Russia, which targets cryptocurrency exchanges for the first time.

Diplomats last week said the sanctions would include a ban on primary aluminum imports and game console sales, including 73 vessels known as the shadow fleet used to evade sanctions.

The aluminum ban will be imposed in stages, with the number of imports allowed not more than 275,000 tons for one year before the ban takes effect on February 26 next year.

Reported by Reuters on Monday, February 24, further exceptions were granted until the end of December 2026 for production to 50,000 tonnes contracted before February 25, according to the law.

The EU is seeking to crack down on Moscow's use of cryptocurrencies to avoid Western sanctions.

In this package, the EU lists Garantex, a Russian crypto exchange, which is in close contact with EU-approved Russian banks.