Ukraine has stepped up efforts to cut off Russia’s access to cryptocurrency networks by imposing new sanctions targeting over 70 individuals and 60 companies alleged to be helping Moscow bypass financial restrictions through digital assets.President Volodymyr Zelenskyy approved the broad sanctions, which blacklist major Russian crypto miners, digital asset issuers, and payment intermediaries suspected of channeling substantial funds to support Russia’s military and industrial sectors. Much of this activity reportedly moves through decentralized platforms, evading traditional financial controls amid increasing global pressure.The sanctions also target several foreign-based firms accused of facilitating these transactions. Among them are Cyprus-based TokenTrust Holdings, Kazakhstan’s EXMO RBC, and UAE exchanges like AWX and Bitpapa—entities previously sanctioned by the U.S. for similar violations. Ukrainian authorities allege these companies help convert cryptocurrencies into fiat currency outside regulated banking systems.According to officials, one firm alone has transferred billions of dollars this year to support Russia’s defense efforts, highlighting the growing reliance on crypto as conventional banking routes tighten for Moscow.The sanctions freeze the assets of the named entities and bar them from conducting business in Ukraine. Zelenskyy described the crackdown as a national initiative in close coordination with international allies, pledging to close remaining loopholes that enable sanctions evasion.This move marks a significant escalation in Ukraine’s strategy to disrupt Russia’s financial channels amid the ongoing conflict and reflects the increasing role of cryptocurrency in geopolitical sanctions enforcement.
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Vaibhavv Ali is the founder and editor of Cryptonite (cryptonite.ae), an independent digital-asset news and analysis publication with a UAE focus. He covers virtual-asset regulation — VARA, ADGM and the UAE Central Bank — alongside real-world-asset tokenization, stablecoins and agentic AI in finance. Every Cryptonite article is human-edited and its sources are linked. He is also a celebrated speaker and host.
