New Guide: EU's 21st Sanctions Package - Cyprus Crypto and Russian Claim
Economou & Co LLC has published a new guide on the EU’s 21st sanctions package, focusing on two developments of particular importance to Cyprus businesses: the extension of restrictions on ownership, control and governance roles across crypto-asset services, and new protections for operators facing claims and judgments.
From 25 August 2026, the existing prohibition on Russian nationals and Russia-based persons owning, controlling or holding governing-body positions in EU crypto-asset businesses extends beyond wallet, account and custody providers to cover all crypto-asset services defined by the Markets in Crypto-Assets Regulation (MiCA). Cyprus providers should review their shareholders, beneficial owners, directors and other governing-body members without delay. The restriction does not apply to EU, EEA or Swiss nationals, or to holders of temporary or permanent residence permits in those jurisdictions.
The guide also covers the package’s protections for EU operators facing claims and decisions in connection with sanctions-affected contracts. Qualifying decisions cannot be recognised, given effect or enforced in an EU Member State, while EU operators may in certain circumstances recover damages, including legal costs, and seek protective orders.
Read the full guide: EU 21st Sanctions Package: Cyprus Crypto and Russian Claims
The content of this article is valid as of the publication date mentioned above. It is intended to provide a general guide and does not constitute legal or professional advice, nor should be perceived as such. We strongly recommend that you seek professional advice before acting on any information provided.
If you need further assistance, please feel free to reach out to us via phone at +357 22260064 or email at info@economoulegal.com
