The European Union has adopted its 21st package of sanctions against Russia, and its centre of gravity is the financial system. Adopted on 23 July 2026, the package adds 218 listings (48 individuals and 170 entities), which compliance firm VinciWorks described as the largest wave of designations since the full-scale invasion of Ukraine began.
According to a client note from law firm Mayer Brown, 94 of the entity listings are Russian banks and financial institutions, whose assets were frozen with immediate effect.
Banks outside Russia
The more sensitive step is the reach beyond Russia’s borders. From 13 August, EU operators are barred from transactions with 33 Russian banks, one bank in Kyrgyzstan, and six banks spread across Mongolia, India and Nigeria, Mayer Brown says. Five oil traders in the United Arab Emirates were added to the same list. One Azerbaijani lender, Yelo Bank, was removed.
VinciWorks counts more than 100 Russian banks now under transaction bans in total and lists financial institutions in China, Hong Kong, Turkey, Kazakhstan, the UAE and Georgia among those affected under the EU’s anti-circumvention approach. The two summaries count differently, and the full country breakdown of the third-country banks is not given in the sources TradeWar reviewed.
Brussels is no longer just listing Russian names; it is asking banks in partner economies to choose between Russian business and access to the EU.
Crypto and legal shields
The package also targets crypto-asset service providers. Mayer Brown puts the number of providers placed under transaction bans at 11, effective 23 August, while VinciWorks refers to 14 platforms. A new legal basis allows the EU to ban dealings with crypto providers in third countries, though none had been designated at adoption. From 25 August, Russian and Belarusian nationals and residents may not own or run any EU crypto-asset provider licensed under MiCA.
To protect EU companies from retaliation in Russian courts, the package introduces non-recognition of Russian judgments in sanctions-related disputes and a stronger anti-suit mechanism. Wind-down exemptions for settling claims were extended to 31 December 2027, and the oil price cap was frozen until July 2027 unless amended.
What to watch
- Responses from India, Nigeria and Mongolia, whose banks are directly named.
- The first use of the new power to ban dealings with crypto providers in third countries.
- How EU courts apply the new non-recognition rule as Russian claimants pursue European firms at home.
