The European Union has approved a new package of sanctions against Russia, which extends to crypto platforms registered in Georgia.
Following nearly two weeks of negotiations, EU member states approved the 21st package of sanctions against Russia. As European Commission President Ursula von der Leyen stated, the list of banned transactions includes 32 Russian banks, crypto firms, and oil trading platforms.
A senior EU official speaking on condition of anonymity told Tabula that several platforms operating in Georgia are among the 14 crypto firms on the sanctions list.
In early June, the Financial Times reported that the upcoming 21st package includes crypto companies and platforms outside Russia that, according to the EU, serve sanctioned individuals and facilitate the circumvention of restrictions.
According to the FT, the new list includes 11 crypto platforms from Belarus, Georgia, Nigeria, Panama, the UAE, and the Marshall Islands.
As part of the 21st package, EU member states agreed to leave the oil price cap unchanged for another 12 months. In addition, the European Union is introducing a record number of sanctions—targeting over 200 new entities simultaneously.
The main stumbling block in adopting the new package was Greece, which insisted on easing existing restrictions on the transportation of Russian LNG by European companies to third countries.
However, on July 23, permanent representatives of EU countries reached a compromise: the restrictions will not apply to contracts concluded before February 24, 2022—the start of Russia’s full-scale invasion of Ukraine.