Ukrainian President Volodymyr Zelenskyy has implemented new sanctions against 60 crypto firms and 73 individuals who are alleged to have assisted Russia in transferring its assets through digital currencies.
This decree was enacted on July 6, 2025, based on recommendations from the National Bank of Ukraine. Authorities claim that the sanctioned entities played significant roles in facilitating billions of dollars in financial transactions that directly supported Russia’s military operations.
Out of the 60 companies sanctioned, 55 are based in Russia. The affected entities include crypto exchanges, digital asset infrastructure providers, and crypto mining firms. According to Ukraine’s Commissioner for Sanctions Policy, Vladyslav Vlasiuk, five crypto exchanges on the list have previously assisted Russian entities in evading international sanctions. The remaining crypto firms either participated in the issuance of digital assets already subject to US sanctions or served as intermediaries for cross-border payments.
According to Zelenskyy, a single company has shifted billions of dollars since the beginning of 2025. He stated that such transactions aided in funding Russia's military-industrial activities, intensifying Ukraine's need to block other financial avenues.
The new sanctions were created by Ukraine and its international partners, including the European Union and the United States. The president added that even though the regulatory frameworks are different, Ukraine and its allies have a common goal: to deny Russia access to world finance, including digital assets.
The decision imposes asset seizures and a ban on the targeted groups' conducting any business activities in Ukraine. Additionally, Kyiv has requested that partner countries implement these measures within their own jurisdictions. Ukraine has agreed to ensure that all sanctioned groups are reviewed in conjunction with its international partners to confirm and align legal norms across various systems.
Earlier in June, Ukraine had already imposed sanctions on entities linked to drone and chip technology. That list included defense manufacturers and suppliers operating in the Alabuga economic zone. The latest actions extend that effort to the digital currency space, where crypto wallets, miners, and exchanges have come under increasing scrutiny.
New data also reveals that a stablecoin pegged to the Russian ruble has seen $9.3 billion in transfers in just four months. Known as A7A5, the stablecoin launched in Kyrgyzstan by Moldovan businessman Ilan Sor reportedly holds reserves at Promsvyazbank, a bank under US sanctions. The token trades on the Grinex exchange and has over 12 billion tokens in circulation.
Analysts say these activities underscore how cryptocurrencies have become a central part of Russia’s strategy to circumvent global financial barriers. Ukraine’s latest sanctions are aimed at reducing the effectiveness of that approach and closing remaining gaps in enforcement.