Denmark Calls for Expanding EU Sanctions Against Russia's Cryptocurrency Sector
Date: 2025-08-29 Author: Oliver Abernathy Categories: IN WORLD
The European publication Politico reported that Denmark has circulated among EU countries a draft document with proposals for a new, 19th package of sanctions against Russia. These measures are planned to be agreed upon by early September, and the first discussions will take place on August 29–30 in Copenhagen, where an informal meeting of EU foreign ministers will take place.
At Denmark's initiative, the list of possible restrictions, in addition to oil and gas exports, includes measures related to the financial sector. In particular, this concerns sanctions against cryptocurrencies, their suppliers, and related infrastructure. Despite the fact that the meeting is informal, Copenhagen is already collecting feedback from participants regarding the new initiatives.
The idea of restricting Russia's access to cryptocurrency instruments is not new. Back in 2022, the EU banned Russian citizens from having crypto wallets within the bloc in the eighth sanctions package. In December 2023, as part of the 12th package, Russians were banned from owning EU-registered companies and holding senior positions in organizations providing cryptocurrency services.
The EU's subsequent steps increased the pressure. In the summer of 2024, the fourteenth sanctions package imposed restrictions on working with banks and cryptocurrency services both in Russia and in third countries if their activities could contribute to supporting the Russian defense sector.
Particular attention was also paid to Russian exchanges. In February 2025, the EU imposed sanctions against Garantex, a crypto exchange that had been under US restrictions since 2022. Two weeks later, the US Department of Justice and the Secret Service announced an international operation involving Europol and the police of several European countries. As a result, Garantex assets worth $26 million were frozen and its domains were seized.
In August 2025, Washington increased pressure on the crypto market by imposing sanctions against Exved, Grinex and a number of other Russian platforms. American authorities linked their activities to money laundering and close ties with the already blocked Garantex.
Thus, the Danish initiative continues the general line of Western countries aimed at limiting Russia's ability to use cryptocurrencies to bypass financial barriers. The new sanctions package, if agreed upon in Brussels, could further complicate the work of Russian crypto market participants and strengthen control over international transactions.
