EU cracks down on 15 firms in crypto election interference operations, issues new sanctions

The European Union has imposed sanctions on nine individuals and six entities linked to crypto election interference operations, marking a significant escalation in efforts to combat foreign disinformation and illicit financial flows.

Announced on Tuesday under the EU’s Common Foreign and Security Policy, the measures specifically target networks using cryptocurrencies to evade restrictions, fund propaganda, and manipulate elections across Europe and beyond.

Among those sanctioned is Kremlin-linked influencer Simeon Boikov, known as “AussieCossack,” accused of spreading pro-Russian disinformation and circulating a fabricated video alleging voter fraud in Georgia during the 2024 U.S. election.

According to blockchain analytics firm TRM Labs, Boikov raised funds through high-risk Russian crypto exchanges and darknet markets, bypassing know-your-customer (KYC) checks.

How crypto election interference operations exploit digital assets

The EU’s sanctions highlight the growing role of cryptocurrencies in geopolitical conflicts, particularly in circumventing traditional financial controls.

TRM Labs revealed that Boikov’s donation wallets received funds via cash-to-crypto services and non-compliant exchanges, illustrating how digital assets facilitate covert financing.

“By targeting both individuals and infrastructure that enable these tactics, the EU is signaling a broader strategic shift toward disrupting the full lifecycle of influence operations, from funding flows to narrative dissemination,” — TRM Labs spokesperson in a statement.

The sanctions also extend to A7 OOO, a firm tied to Moldovan oligarch Ilan Shor, which allegedly orchestrated vote-buying schemes during Moldova’s 2024 presidential elections.

The UK had previously blacklisted A7 OOO in May for its role in election manipulation.

Stablecoins and shadow economies fueling disinformation

A7 OOO is linked to A7A5, a ruble-backed stablecoin used on Grinex, a crypto exchange seen as a successor to Russia’s sanctioned Garantex platform.

TRM Labs reports that A7 initially positioned itself as a facilitator of cross-border trade after Russia’s invasion of Ukraine, but later became a conduit for illicit transactions.

“Grinex and A7A5 are likely tied to the import of dual-use goods from China to Russia through Central Asia,” — TRM Labs investigation.

Dual-use goods—items with both civilian and military applications—have been a focal point in sanctions enforcement.

The EU’s move underscores concerns that crypto election interference operations could extend beyond disinformation into resource smuggling for warfare.

Global implications and the future of crypto regulation

The EU’s sanctions reflect a broader crackdown on crypto election interference operations, aligning with similar actions by the U.S. and UK.

The coordinated effort aims to dismantle networks that exploit digital assets for geopolitical destabilization. Experts warn that without stricter oversight, cryptocurrencies will remain a tool for bad actors.

“The anonymity and speed of crypto transactions make them ideal for evading sanctions and funding covert campaigns,” — Financial crime analyst, speaking anonymously due to the sensitivity of the topic.

As the EU tightens its regulatory framework, the focus will likely shift to enforcing compliance among crypto exchanges and stablecoin issuers to prevent further abuse in crypto election interference operations.