The bloc has imposed a complete ban on exchanges with any Russian service providers in the sector. Operations with decentralized platforms that allow for sanctions evasion are also prohibited. The new measures block the use and support of ruble-based stablecoins and the digital ruble, which is being developed by the Bank of Russia to circumvent sanctions. The EU has also imposed sanctions on four banks in Kyrgyzstan, Laos, and Azerbaijan that were helping Russians evade sanctions. The European Commission emphasized that Russia has become increasingly reliant on cryptocurrencies for international transactions. Ruble-backed stablecoins, with a capitalization of $549 million, account for 30% of the non-dollar stablecoin market, facilitating transactions exceeding $100 billion.