Ukraine has adopted new sanctions targeting Russian individuals and crypto entities accused of facilitating financial flows to support Kremlin military efforts.
Background of the Sanctions
On July 6, President Volodymyr Zelenskyy announced that the new sanctions, developed in conjunction with the National Bank of Ukraine, aim to block financial schemes increasingly reliant on cryptocurrency transfers.
Contents of the Sanction Package
The sanctions list includes 60 companies and 73 Russian nationals. Zelenskyy noted that one sanctioned company processed billions of dollars in crypto transactions this year, most of which supported Russia's defense industry.
Strategic Measures and Future Plans
Zelenskyy emphasized the strategic importance of sanctioning digital assets, stating that with conventional banking routes increasingly restricted, Russia has turned to crypto networks to sustain critical wartime logistics. Ukraine is pushing for synchronized actions with the European Union and other allied jurisdictions.
In response to the growing use of cryptocurrencies for sanctions evasion, Ukraine continues to develop new measures, including further alignment with EU sanction packages.
