Ukraine imposes sanctions on crypto platforms and participants in Russian financial schemes
Ukrainian President Volodymyr Zelenskyy has signed a decree imposing sanctions on 28 individuals and 27 legal entities that Ukrainian authorities say are helping Russia circumvent financial restrictions. The measures target cryptocurrency exchange operators, crypto exchange services, and executives and owners of companies linked to the A7 shadow banking network.
According to the official presidential website, the corresponding decision of Ukraine's National Security and Defense Council took effect on October 11. The Office of the President of Ukraine said the restrictions were part of several sanctions packages targeting Russian individuals and businesses.
Authorities specifically highlighted participants in the A7 network, which publicly offers tools for circumventing financial restrictions. The United States had previously imposed sanctions on the network.
Sanctions target crypto exchanges and company executives
The financial sanctions package covers companies operating cryptocurrency trading platforms, digital asset exchange services and individuals associated with them.
A separate category includes executives and owners of organizations belonging to the A7 network. According to Ukrainian authorities, its participants provide tools that enable financial transactions to bypass existing restrictions.
Beyond the financial sector, Kyiv imposed sanctions on 70 Russian nationals involved in the production of Iskander-M and Zircon missiles. They include employees of defense and chemical enterprises, as well as other organizations involved in missile manufacturing.
Vladyslav Vlasiuk, Ukraine's presidential commissioner for sanctions policy, said individuals involved in manufacturing missiles used to strike Ukrainian cities must be held personally accountable. Kyiv intends to seek similar restrictions from its international partners.
Another package targeted 10 individuals, 21 legal entities and two vessels. According to the Office of the President, they operate in Russia's interests in occupied Ukrainian territories, including through the exploitation of natural resources and the dissemination of Russian propaganda.
UK also restricts cryptocurrency platforms
Ukraine's expanded sanctions followed similar measures by the United Kingdom. On October 8, London announced sanctions against 38 individuals and entities linked to Russia's oil sector, military supplies and efforts to circumvent financial sanctions.
The British measures also targeted three cryptocurrency exchanges and two payment platforms, including services linked to Kyrgyzstan and the A7 network. Both countries have therefore included digital asset operators in sanctions targeting financial channels that their authorities say are used to support Russia.
Earlier, we reported that the U.S. Treasury Department took action against Iran-linked cryptocurrency assets as part of its sanctions policy. U.S. authorities also increased pressure on financial organizations suspected of facilitating sanctions evasion.
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