EU Targets Russian Finance and Crypto in 21st Sanctions Round

The scope of these sanctions is expansive, encompassing over 100 banks and crypto operators alongside 50 military-industrial firms linked to long-range drone production. Among the 94 financial institutions now under pressure, 33 face total disconnection from the SWIFT global payment system, including the Moscow Stock Exchange. These actions seek to isolate Russia’s remaining financial conduits, which have relied on minor lenders to maintain trade flows.

Despite the aggressive targeting of financial networks, the package includes a significant carve-out for liquefied natural gas. Following intense lobbying from Athens, EU firms retain a one-year, renewable exemption to facilitate the transfer of Russian LNG to non-EU markets. Greek officials argued that a total ban would merely redistribute market share to Asian competitors rather than curbing Russian revenues. Additionally, the bloc opted to freeze the Russian oil price cap at $44.10 per barrel, rejecting an scheduled upward adjustment to $58.50. This move aims to suppress Moscow’s oil income, even as Urals crude continues to trade above $67.50 on the global market.