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The EU is seeking to ban all cryptocurrency transactions with Russia, in a bid to crack down on Moscow using assets outside the traditional banking system to evade sanctions.

The European Commission has proposed the sweeping measure instead of attempting to ban copycat Russian crypto entities spun out of already sanctioned platforms, according to a document seen by the FT. Brussels says such entities are used to facilitate trade in goods used in the Kremlin’s war against Ukraine.

“Any further listing of individual cryptoasset service providers . . . is therefore likely to result in the set-up of new ones to…