Ukraine has launched a new round of penalties against individuals and companies that facilitate the transfer of money to Russia through cryptocurrency.
On July 6, President Volodymyr Zelenskyy signed an order that freezes the assets of 60 firms and 73 individuals believed to be part of financial schemes supporting Russia’s war.
The decision blocks not only those directly handling digital currencies but also companies involved in payments and cross-border transactions.
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Zelenskyy referred to it as a “special sanctions package” that targets a wider group tied to Russia’s financial system. It follows a proposal from the National Bank of Ukraine.
Zelenskyy stated that just one company on the sanctions list moved billions of dollars in January. He explained that much of this money was likely used by Russia’s military supply chain.
Nineteen mining firms, seventeen platform operators, and five exchanges are currently restricted from doing business. The Ukrainian government noted that these groups helped Russia continue funding its war even after being cut off from the global banking system.
Additionally, several foreign firms were added to the list, including TokenTrust Holdings in Cyprus and EXMO RBC LTD, which runs the EXMO.me exchange and operates in Kazakhstan, Russia, and Belarus. Three companies based in the United Arab Emirates, such as AWX Solutions, Crypto Explorer, and Bitpapa, were also sanctioned.
Recently, local officials in Shenzhen warned about fake investment schemes involving stablecoins and other cryptocurrencies. What did it say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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