Ukraine has intensified its efforts to disrupt Russia’s access to digital financial networks by issuing new sanctions targeting individuals and firms allegedly helping Moscow channel money through cryptocurrency.
President Volodymyr Zelenskyy approved the sweeping measures, which blacklist over 70 people and 60 companies accused of facilitating sanctions evasion.
The sanctioned entities include major Russian crypto miners, digital asset issuers, and payment intermediaries suspected of moving large volumes of capital to support Russia’s military and industrial sectors. A notable portion of these operations are believed to serve as conduits for transferring assets through decentralized platforms amid global financial restrictions.
Several foreign-based firms were also hit with penalties. Among them are Cyprus’s TokenTrust Holdings, Kazakhstan’s EXMO RBC, and UAE-based exchanges like AWX and Bitpapa—all previously sanctioned by the U.S. for similar activities. Ukrainian authorities accuse these companies of helping Russia convert cryptocurrencies into fiat currencies outside traditional financial systems.
According to the president’s office, one firm alone moved billions of dollars this year to benefit Russia’s defense sector. Officials say the reliance on crypto has grown as traditional banking routes become increasingly inaccessible to Russia.
The latest sanctions freeze assets and prohibit business dealings within Ukraine. Zelenskyy described the crackdown as both a national move and a coordinated response with allies, vowing to shut down any remaining loopholes.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/ukraine-targets-russias-crypto-lifeline-with-new-sanctions/