Ukraine Imposes Sanctions Against Russian Federation’s ‘Cryptocurrency Schemes’

• A new package of sanctions has been signed against 60 companies and 73 Russians.
• The restrictions affected cryptocurrency schemes in the interests of the Russian military-industrial complex.
• Ukraine will synchronize the measures with the EU and other partners.

Ukrainian President Volodymyr Zelenskiy announced the signing of a new sanctions package against Russia. It pays special attention to financial schemes using crypto-assets.

According to him, the head of state said that the sanctions were prepared with the participation of the National Bank of Ukraine and are aimed at “strikes against the military economy of the Russian Federation.”

Zelenskiy noted that through only one company from the updated sanctions list since the beginning of 2024, the Russians have conducted operations for several billion dollars. They were mainly implemented in the interests of the defense sector. According to him, Russia is more actively using crypto-assets after the blocking of traditional settlement channels.

In total, the sanctions list includes 60 legal entities and 73 Russian citizens. The Ukrainian authorities intend to work with international partners to synchronize the restrictions, including the EU and other key jurisdictions. Zelenskiy emphasized that the goal of the sanctions is “to limit Russia’s potential as much as possible and force the Kremlin to stop the war.”

The Ukrainian leader also said that the new measures are not only a response to current threats, but also a step towards the future integration of sanctions decisions into the European legal system. He promised that as early as next week, the authorities will prepare proposals for the full adaptation of EU sanctions into national legislation.

We will remind, we wrote that the United States imposed sanctions against Aeza Group from Russia for supporting cybercrime.