Ukraine Sanctions 60 Russian Crypto Firms for Evading Bans

Digital assets are increasingly becoming a double-edged sword in geopolitical conflicts, serving as both a channel for fundraising support and a potential vehicle for evading international sanctions. In the latest move to clamp down on this path, Ukraine has imposed a series of tough, large-scale sanctions against companies in Russia's crypto industry.

According to a report from the Ukrainian newspaper Pravda, President Volodymyr Zelenskyy has officially signed a decree imposing restrictive measures on 60 companies accused of assisting the Russian Federation in circumventing international sanctions.

Speaking on the matter, Ukraine's Sanctions Policy Commissioner, Vladyslav Vlasiuk, provided a detailed look into the scope of the sanctions. This latest round does not target just one type of company but represents a comprehensive crackdown on the Russian crypto ecosystem allegedly involved in sanctions evasion. Specifically, the list includes:

19 entities identified as major crypto miners, allegedly involved in revenue generation and sanctions evasion schemes.

17 entities that are operators of digital financial asset and token issuance systems.

19 entities in the payment equipment manufacturing and international payment intermediary sectors.

5 entities that are crypto exchange operators accused of facilitating sanction-evading activities.

A noteworthy point is the international coordination and overlap in these actions. Vlasiuk pointed out that several of the companies on this list had previously been sanctioned by the United States. This indicates an increasingly close alignment between Western allies in monitoring and preventing illicit financial activities conducted via cryptocurrencies.

The sanctions list is also not limited to Russian territory. It includes 5 companies that are non-residents of the Russian Federation but were found to have assisted in circumventing restrictions.

Ukraine's move represents one of the largest and most comprehensive sanctions actions taken by a single country specifically targeting the use of crypto for sanctions evasion. It sends a clear message that governments are paying closer attention to the role of digital assets in national security matters and will not hesitate to take strong measures to prevent the misuse of blockchain technology.