This sweeping action is meant to send a strong message: crypto won’t be a safe haven for money that bankrolls conflict.
Ukrainian President Zelensky has sanctioned 60 companies aiding Russia’s sanctions evasion via crypto, including 55 from Russia and others from Cyprus, Kazakhstan, and the UAE. The move targets mining, exchange, and payment firms as Ukraine seeks to block Russia’s growing use of…
Seventeen platforms that issue digital assets already under US restrictions are now blocked in Ukraine. Another 19 companies—from makers of payment terminals to brokers arranging international transfers—face asset freezes and activity bans.
Ukraine didn’t stop at companies. The sanctions list also names 73 individuals, all Russian citizens, including high‑ranking central bank officials.
Based on reports from Ukraine’s National Security and Defense Council, these measures will be shared with allies like the EU and the US. That way, they can mirror the bans and tighten the grip on every channel Russia uses.
Vladyslav Vlasiuk, Ukraine’s commissioner for Sanctions Policy, said Kyiv will urge its partners to adopt matching rules. The goal is to close every loophole Russia uses to fund its military.
Zelenskyy revealed that one single firm moved “several billion dollars” since January to support Russia’s military‑industrial complex. That figure shows why digital channels have become critical for sanctioned players.
More than 12 billion A7A5 tokens now float in circulation, backed by roughly $156 million in reserves held at the US‑sanctioned Promsvyazbank. Only a few wallets handled most of that volume, showing how a small group can steer vast sums.
Meanwhile, five non‑Russian companies also made the list: Token Trust Holdings Limited in Cyprus, EXMO RBC Limited in Kazakhstan, AWX Solutions and Crypto Explorer DMCC in the UAE, and Bitpapa IC FZC in the UAE.
All five are already under US restrictions. Their inclusion highlights how sanctions evasion often relies on a global network of service providers.
Featured image from Unsplash, chart from TradingView
