The European Union (EU) released its “biggest package” of sanctions in two years against Russia, describing the measures as far-reaching and restrictive. They specifically target crypto with a total ban on providers and platforms established in that country.

“Russia is becoming increasingly reliant on cryptocurrencies for international transactions,” the EU said in an April 23 statement. “The EU is introducing a total sectoral ban on providers and platforms established in Russia that allow the transfer and exchange of crypto assets.”

The bloc also banned Russia’s central bank digital currency (CBDC), the ruble-pegged RUBx stablecoin and all EU support for the development of the digital ruble.

The sanctions include measures…