EU’s 19th Sanctions Package Targets Russia’s Finance and Digital Assets

Key updates include: 

➡️ Crypto Restrictions: Expanded prohibitions on cryptocurrency and digital asset services, including payment acquisition, payment initiation, and e-money issuance; 

➡️ Financial Institutions: A transaction ban imposed on five foreign banks and one crypto company linked to Russian financial activity; 

➡️ Vessels: The package bans reinsuring the shadow fleet and targets an additional 117 vessels; and 

➡️ Payment Systems: The EU extended its ban on participation in Russia’s System for Transfer of Financial Messages (SFPS) by adding MIR and the Fast Payment System (FPS) - two major domestic alternatives to SWIFT. 

✅ Firms should assess exposure to Russian-linked crypto, banking, and payment systems, update sanctions screening, and review any payment or digital asset relationships that may fall within the new restrictions.