07.07.2025 16:24

Ukrainian President Volodymyr Zelenskyy has enacted sweeping new sanctions targeting Russia's use of cryptocurrencies to fund its ongoing military operations. This decisive action directly addresses Russia's attempts to circumvent traditional financial restrictions by leveraging digital assets.

The comprehensive sanctions package, developed in collaboration with the National Bank of Ukraine, designates 133 Russian entities – a total of 73 individuals and 60 legal entities – for their alleged roles in facilitating the flow of cryptocurrency funds to Russia's military-industrial complex. These entities are accused of operating or supporting crypto channels that funnel money to support the war effort.

These stringent measures include a complete blockage of access to Ukrainian financial markets for the sanctioned individuals and entities. Furthermore, the decree freezes their assets within Ukraine and prohibits any technology transfer to them. One particular company, according to a presidential statement, is alleged to have processed billions of dollars in cryptocurrency transactions since the beginning of 2025.

Zelenskyy emphasized the initiative's synchronization with upcoming European Union actions, highlighting its purpose of closing vulnerabilities as traditional banking channels become increasingly restricted. The Ukrainian government intends to collaborate closely with international partners to ensure consistent enforcement of these sanctions and hinted at further coordinated actions in the near future. This collaborative approach aims to strengthen the effectiveness of the restrictions and limit Russia’s access to funding.

This news was compiled using information from internet sources.