Ukrainian President Volodymyr Zelensky has imposed stringent new sanctions aimed at crypto companies that are helping Russia dodge international bans.
A new decree from the Office of the President lists 60 companies now blocklisted under Ukrainian sanctions for helping transfer Russian crypto-assets. 55 of these companies are incorporated in the Russian Federation, and they are all actively assisting Moscow in circumventing sanctions using digital means.
Involved parties include miners, crypto trading sites, payment providers, and financial intermediaries domiciled in and out of Russia. Ukraine has now specifically zeroed in on the role that cryptocurrency plays in financing Russia’s war and defense industry.
Sanctions Commissioner for Zelensky, Vladyslav Vlasiuk, testified that 19 sanctioned entities are giant crypto mining actors engaging in illicit finance activity. Another 17 run platforms for creating digital assets, and some were previously red-listed by U.S. officials.
Ukraine also included five non-Russian entities aiding Russia in avoiding sanctions using crypto services. One of them is TokenTrust Holdings Limited, registered in Cyprus, which was already sanctioned by the United States since March 2024.
Non-Russian firms also face Ukraine’s Crypto sanctions
EXMO RBC LTD, which is based in Kazakhstan, was set apart for the operation of EXMO.me, a popular cryptocurrency exchanger used in Russia, Belarus, and Kazakhstan. It estimates that the platform accounts for most cross-border crypto transactions that go unrecorded.
Three UAE corporations were also fined. AWX Solutions FZ-LLC operates AWX.pro, which was recently rebranded but was initially AWEX and has already been blocked by the United States. Crypto Explorer DMCC in the UAE has the AWEX exchange and offers conversions for crypto, ruble, and dirham.
Bitpapa IC FZC LLC was added to the list for operating a peer-to-peer platform. The service is primarily used by users from Russia. Alongside these companies, Ukraine has also imposed sanctions on 73 individuals connected to them.
These include top-level managers and key officials from the Central Bank of the Russian Federation. Those individuals are now subject to asset freezes and blanket bans on doing business in Ukraine’s economy1.
Ukrainian officials confirmed that the companies have helped funnel billions of dollars into Russia’s war effort. This financial support has been ongoing since 2024. Officials stated that the sanctions were part of a broader effort to shut down Moscow’s crypto avenues. The goal is to cut off financial flows supporting the country’s war machine.
