The President of Ukraine, Volodymyr Zelensky, has approved another sanctions package aimed at limiting the financial capabilities of the Russian Federation. Special attention in the new restrictions is given to schemes related to the use of cryptocurrencies to circumvent sanctions.
This is reported by Finway
Main Aspects of the New Sanctions Package
As noted by Volodymyr Zelensky in his evening address, the initiators of the sanctions were the National Bank of Ukraine and international partners. The sanctions list includes 60 companies and 73 individuals, who are either citizens of Russia or have ties to its military infrastructure. Among those listed are participants in financial operations that support the functioning of the Russian military-industrial complex.
“Just through one company, which is now on the sanctions list, and only since the beginning of this year, that is, before the sanctions, the Russians conducted several billion dollars, primarily for the needs of their military industry. Of course, we will stop all schemes. Now, when the usual financial channels for Russia are blocked in many places, they are also turning to cryptocurrency transactions,” Zelensky stated.
Structure of the Sanctions List
According to Decree No. 465/2025, the sanctions list includes:
- 19 major mining companies that create schemes to circumvent sanctions using cryptocurrencies;
- 17 operators of digital financial assets, some of which are already under U.S. sanctions;
- 19 Russian financial companies — manufacturers of payment equipment, intermediaries for international transfers, and organizers of the exchange of blocked assets;
- 5 operational companies of cryptocurrency exchanges that assist Russia in evading sanctions.
In addition to Russian entities, five non-resident companies that are not registered in Russia but operate for its benefit have also been sanctioned. Among them:
- Tokentrust Holdings Limited (Cyprus) — under U.S. sanctions since March 2024;
- Exmo RBC LTD (Kazakhstan) — operator of the EXMO.me cryptocurrency exchange, servicing the markets of Russia, Belarus, and Kazakhstan;
- AWX Solutions FZ-LLC (UAE) — manages the AWX.pro cryptocurrency exchange, under U.S. sanctions;
- Crypto Explorer DMCC (UAE) — controls the AWEX exchange, conducting exchanges of rubles, cryptocurrencies, and dirhams;
- Bitpapa IC FZC LLC (UAE) — a peer-to-peer cryptocurrency exchange aimed at Russian users.
The Ministry of Foreign Affairs of Ukraine has been tasked with informing the competent authorities of the European Union, the United States of America, and other countries about the implementation of the sanctions. Ukraine is also initiating discussions with partners regarding the introduction of similar restrictions against the mentioned companies and individuals.