European Union Adopts 21st Sanctions Package Against Russia, Targeting Evasion Mechanisms

The European Union has adopted its 21st package of economic sanctions against Russia, described as its largest to date, aimed at buttressing existing measures and closing gaps in the sanctions architecture. The new measures target Russian use of cryptocurrencies, gold, and diamonds, and include transaction blocks on 14 crypto-related service platforms. The package also introduces a mechanism through which an enabling country could face a total, state-level ban on its crypto-asset services. However, internal EU frictions, particularly from Greece regarding LNG export restrictions, delayed the package and led to the watering down of at least five proposed measures, raising concerns about enforcement challenges and the potential for future unilateral actions by member states.