On 23 July 2026, the European Union adopted its 21st sanctions package against Russia. The new measures are designed to further increase economic pressure on Russia and target sectors that continue to support the Russian war effort. The package focuses primarily on the financial sector, crypto assets, energy revenues and sanctions circumvention.
Financial sector and crypto assets
The EU has significantly expanded sanctions targeting Russia’s financial system. New restrictions include asset freezes and transaction bans affecting a large number of Russian banks and financial institutions. In addition, the EU has targeted several non-Russian financial actors suspected of facilitating sanctions circumvention. The package also contains additional measures aimed at crypto-related service providers. In particular, the EU has imposed restrictions on several crypto platforms operating from third countries and introduced a new legal basis allowing it to impose broader restrictions on crypto-asset service providers in jurisdictions that facilitate the circumvention of EU sanctions.
Energy and the shadow fleet
The energy sector remains a key focus of EU sanctions policy. The 21st package introduces further measures aimed at reducing Russian oil revenues and disrupting the operation of Russia’s so-called shadow fleet. More than 40 additional vessels have been designated, while the EU has also expanded its ability to target supporting actors (intermediaries) involved in the transport and handling of Russian oil. The package also introduces additional restrictions affecting operators, refineries and infrastructure connected to the Russian energy sector.
Export restrictions and anti-circumvention measures
The EU continues to strengthen its efforts to combat sanctions circumvention. New measures target actors in third countries that facilitate financial transactions, trade flows or procurement activities benefiting Russia. The package also expands existing export restrictions, including restrictions on certain metals, metal ores, industrial chemicals and technologies used in the aerospace, defence and drone sectors. In addition, several entities involved in Russia’s military-industrial complex, including actors connected to drone production, have been designated.
What does this mean for businesses?
The latest package confirms the EU’s continued focus on enforcement and anti-circumvention. Businesses involved in international trade, logistics, financial services or crypto-related activities should carefully assess whether their counterparties, payment structures and supply chains could create sanctions risks. Particular attention should be paid to transactions involving third countries that maintain close economic ties with Russia, as these continue to be an important focus area for EU enforcement authorities.
For detailed information on the previous 19 packages of restrictive measures against Russia, please see: EU sanctions measures against Russia.
This publication is provided for your convenience and does not constitute legal advice.
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