The European Union has proposed expanding the ban on crypto platforms that help Russia evade sanctions.
Ursula von der Leyen, president of the European Commission, announced a 21st sanctions package against Russia that focuses on high-impact sectors, including financial and crypto restrictions. The EC is EU's executive arm and one of its main institutions.
According to the Tuesday announcement, the EC plans to extend transaction bans to 20 non-EU entities, including banks, crypto platforms, and oil traders that have been servicing sanctioned Russian entities and individuals.
Moreover, the EC president said the commission may introduce, for the first time, a full country-level ban on crypto services from non-EU countries that host platforms helping Russia evade sanctions.
"It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions," von der Leyen said in the statement. Earlier this year, the EU was reportedly considering a blanket ban on crypto transactions with Russian entities.
