POLICY: EU's 21st Russia sanctions package targets a $120B crypto network, 14 unnamed crypto firms

The EU's 21st Russia sanctions package reportedly targets a large ($120B) crypto-linked network and 14 unnamed crypto firms, increasing compliance and counterparty-risk concerns across exchanges, OTC desks, and on-chain liquidity. The immediate market impact is tighter risk controls, higher screening costs, and potential disruption to flows tied to sanctioned entities, weighing on broader crypto sentiment and activity until affected counterparties are clarified.