EU Bans Russia-Based Crypto Platforms and Ruble Stablecoins

The European Council adopted its 20th sanctions package on Thursday, banning Russia-based crypto platforms and blocking transactions in two ruble-pegged stablecoins, A7A5 and RUBx. The measures are designed to restrict Moscow’s access to international finance.

The package imposes a total sectoral ban on providers and platforms established in Russia that allow the transfer and exchange of crypto assets. It also forbids netting transactions with Russian agents and targets service providers and entities in third countries that facilitate crypto trading for Russian users.

A7A5 was created by the Russian company A7 and is now issued by Old Vector, a firm registered in Kyrgyzstan. Launched on the Tron and Ethereum networks in early 2025, A7A5 processed more than $100 billion in under a year and captured a large share of non-dollar stablecoin activity. The Council designated a Kyrgyz entity that operates an exchange where substantial volumes of A7A5 are traded.

RUBx is a ruble-linked token built on the Tron network and launched last summer by the state-owned defense and technology company Rostec. Transactions in RUBx are included in the ban. The package also prohibits any EU support for development of the Bank of Russia’s central bank digital currency, the digital ruble.

An EU press statement read: “Due to sweeping sanctions on its financial sector, Russia is becoming increasing reliant on cryptocurrencies for international transactions.” The Council identified cases in which Russian banks and financial institutions in third countries were used to sidestep restrictions.

The measures extend to Belarus, which the Council says has helped Russia evade financial controls. The decision mirrors restrictions applied to Russia and extends the Belarus sanctions regime until February 28, 2027. Earlier this year, Belarus issued a decree allowing the creation of “crypto banks” that may work with 26 cryptocurrencies and carry out operations such as deposits, loans, staking, transfers, token issuance and custody.

The sanctions also target 20 Russian banks and four financial institutions abroad for connections to Russia’s alternative payment system, the System for Transfer of Financial Messages (SPFS), or for bypassing EU rules. The netting bans and platform prohibitions are intended to block technical methods that had allowed sanctioned actors to settle positions without using traditional banking channels.

The package was approved alongside the finalization of a €90 billion loan for Ukraine. EU leaders described the measures as the most comprehensive set approved in the past two years.