Ukrainian President Volodymyr Zelenskyy approved new measures against over 70 individuals and 60 companies accused of facilitating sanctions evasion.
Overview of New Sanctions
The new sanctions target companies suspected of moving large volumes of capital to support Russia's military and industrial sectors. Amid global financial restrictions, many of these operations are believed to occur via decentralized platforms.
Affected Companies
The sanctioned entities include major Russian crypto miners and digital asset platforms. Notable companies include Cyprus's TokenTrust Holdings, Kazakhstan's EXMO RBC, and UAE-based exchanges AWX and Bitpapa, all previously sanctioned by the U.S. for similar activities.
Response from Ukrainian Authorities
According to the president's office, one firm alone moved billions of dollars this year to benefit Russia's defense sector. As traditional banking routes become increasingly inaccessible, Ukrainian authorities report a growing reliance on crypto. The latest sanctions freeze assets and prohibit business dealings within Ukraine, part of a coordinated response with allies. Zelensky vowed to shut down any remaining loopholes.
Ukraine's new sanctions highlight growing concerns regarding the use of cryptocurrencies in supporting military action and the importance of international coordination in combatting sanctions evasion.
