The EU plans a comprehensive ban on cryptocurrency transactions with Russia to curb sanctions circumvention.

PANews reported on February 10th that, according to the Financial Times, the European Commission has proposed a comprehensive ban on cryptocurrency transactions with Russia to prevent Moscow from circumventing sanctions using assets outside the traditional banking system. This measure aims to prevent Russia from circumventing existing sanctions through newly established platforms, covering all Russian cryptocurrency service providers and related transfer and trading platforms.

In addition, the EU plans to ban the export of certain dual-use goods to Kyrgyzstan, citing allegations of reselling embargoed goods to Russia. This ban will be part of the 20th round of EU sanctions since Russia's invasion of Ukraine, marking the first use of anti-circumvention powers. Data shows that since the start of the war, Kyrgyzstan's imports of key goods from the EU have increased by nearly 800%, while exports to Russia have increased by 1200%.

The proposal also includes a comprehensive ban on digital ruble transactions backed by the Russian central bank, and the addition of 20 banks to the sanctions list. The EU expects to reach an agreement on the sanctions before February 24, the fourth anniversary of the Russo-Ukrainian war, but it requires the unanimous consent of all 27 member states.

Previous reports indicated that EU officials would ban Russia's central bank digital currency .