EU adopts new Russia sanctions package, lists crypto exchange

EU foreign ministers adopted a 16th package of sanctions against Russia on, which targets a cryptocurrency exchange for the first time, a Council statement said.

Diplomats last week said the sanctions would include a ban on primary aluminium imports and the sale of gaming consoles, while also listing 73 vessels of the so-called shadow fleet used to evade sanctions.

The aluminium ban will be phased in, with no more than 275,000 tonnes of imports allowed for one year before the ban takes effect on February 26 next year. A further exception is provided until end-December 2026 for up to 50,000 tonnes contracted before February 25, the legislation showed.

The EU is making an effort to crack down on Moscow's use of cryptocurrency to circumvent Western sanctions.

In this package, the EU lists Garantex, a Russian crypto exchange, which is "closely associated with EU-sanctioned Russian banks".