Crypto sanctions: the EU launches a task force to track down circumventions

The net is tightening. Sanctioned states are using crypto to move funds. North Korea has stolen $9.6 billion worth of it since 2019. On Thursday, November 5, the European Commission announced a task force responsible for tracking down these circumventions. The announcement comes from Maria Luís Albuquerque, the European Commissioner for Financial Services and Savings.

The key points of this article:

The EU is launching a task force dedicated to crypto sanctions, to close circumvention loopholes.

A European diplomat speaks of a twelve-month mandate, based on Ukrainian and British expertise.

A dedicated sanctions office will coordinate the 27 member states and their administrations.

Russian growth has fallen to just 1% in 2025, according to the European Commission.

Why is crypto worrying Brussels?

The task force will bring together national and European experts, with the mission of designing new measures capable of closing the loopholes opened by crypto-assets in the European system. His initial mandate is planned for twelve months, said a European diplomat.

It will rely on the expertise of third countries, starting with Ukraine and the United Kingdom. For its part, London has already built an entire arsenal of sanctions against the crypto industry.

Maria Luís Albuquerque, European Commissioner for Financial Services, explained this on Friday November 6 on LinkedIn:

“We have established the EU Cryptocurrency Sanctions Working Group, an important step to prevent cryptoassets from being used to circumvent our financial sanctions. We also discussed the essential work of the European Anti-Fraud Office (OLAF) and learned about concrete examples of successful law enforcement actions carried out by national authorities. »

Maria Luis Albuquerque

For example, a person hit by sanctions can no longer go through a European bank. With a simple wallet, she can send funds anywhere on the planet, without a bank counter or intermediary.

It is this type of channel that the task force wants to identify, in an area where Brussels has been increasing restrictions for several years. A Moscow complaint brought down a crypto exchanger in early November.

A more united front against Moscow

Thursday, November 5, Albuquerque hosted the tenth meeting of the high-level group on restrictive measures. Member States and European institutions reviewed the flaws in the system, with a session devoted to emerging threats, including the use of crypto-assets.

The same morning, the European Anti-Fraud Office (OLAF) presented its work on circumvention.

At the same time, Maria Luís Albuquerque announced the creation of an office dedicated to the application of sanctions. According to her, it will provide faster guidance to Member States and improve data sharing and analysis.

The challenge is to apply restrictive measures in the same way in the 27 Member States. The goal is to “present a more united front on the global stage,” the commissioner wrote on LinkedIn.

To achieve this, Brussels is working with G7 partners to limit circumventions.

The sanctions are starting to pay off. The Commission's indicators point to undeniable cracks beneath Russian resilience. Russian growth fell from 4.9% to 1% in one year.

It is expected to remain close to stagnation in both 2026 and 2027. Inflation, high interest rates and rising taxes have led to a prolonged freeze in Russian investment.

The Commission wants to maintain pressure, especially as persistently high oil prices, linked to the crisis in the Middle East, could relieve Moscow.

In the process, EU sanctions envoy David O'Sullivan convened the eighth Coordinators' Forum, with twelve allied countries, from Ukraine to Japan. The discussions focused on third-country payment networks, the Russian military-industrial complex and the ghost fleet.

Brussels is on its 21st package of sanctions, adopted on July 23.