Ukraine imposes sanctions on 60 Russian-linked crypto companies
Ukraine sanctions 60 crypto firms to block Russian financial networks
Ukraine has officially sanctioned 60 cryptocurrency companies, including 55 entities based in Russia, as part of its effort to crack down on crypto-assisted sanctions evasion.
President Volodymyr Zelensky signed Decree No. 465/2025, which enforces asset freezes and bans economic activities for the sanctioned entities, reports Cryptopolitan.
Ukraine’s National Security and Defense Council coordinated the move, and the country is actively urging allies like the European Union and the United States to enforce similar restrictions. According to Ukraine’s commissioner for Sanctions Policy, Vladyslav Vlasiuk, five of the sanctioned crypto exchanges directly helped Russian entities circumvent existing sanctions. The list also includes crypto miners, digital asset issuers under previous U.S. sanctions, and companies involved in payment processing and equipment manufacturing that support Russia’s financial network.
Zelensky reveals billions moved through sanctioned firms
In a separate announcement, Zelensky emphasized the gravity of the situation by revealing that Russia had moved several billion dollars through just one of the newly sanctioned companies this year alone. He stressed that the funds were mainly used to support Russia’s military-industrial complex, which continues to fuel the ongoing conflict. Zelensky highlighted that traditional financial routes for Russia have become increasingly restricted due to international sanctions, pushing Russian entities to rely heavily on cryptocurrencies for cross-border financial operations.
Ukraine’s sanctions also target 73 Russian individuals, including key figures within the Russian central bank, reflecting a broad effort to dismantle Russia’s alternative financial pathways. The Ukrainian president acknowledged that applying consistent sanctions across various international jurisdictions is challenging but emphasized that Ukraine and its partners are aligned in their objective to cut off Russia’s financial lifelines.
Global cooperation sought to tighten crypto sanctions
Ukraine is now working closely with European and American allies to synchronize these sanctions globally, aiming to build a unified response against Russia’s use of crypto for sanctions evasion. Zelensky stressed that although international regulatory frameworks differ, the shared goal is to deprive Russia of financial resources to continue its war efforts. Notably, the list of sanctioned non-Russian crypto firms includes companies in Cyprus, Kazakhstan, and the United Arab Emirates, all of which are already under U.S. sanctions.
This action by Ukraine aligns with its broader strategy to implement European Union sanctions domestically while ensuring the EU reciprocates by adopting Ukraine’s newly issued restrictions. Zelensky concluded by reiterating that these sanctions are already causing long-term damage to Russia’s financial system and must continue to restrict the daily functioning of the Russian economy.
Recently we wrote that Elon Musk has confirmed that his newly formed America Party will embrace Bitcoin, calling fiat currencies “hopeless” in a post on X this Sunday.
