Ukraine Imposes Sanctions on 60 Russian Cryptocurrency Firms for Sanctions Evasion
Kyiv, July 6, 2025 — President Volodymyr Zelenskyy has signed a decree imposing sanctions on 60 Russian cryptocurrency-related companies and 73 associated individuals for facilitating the evasion of international restrictions. The move targets entities involved in helping Russia circumvent financial sanctions through crypto-based schemes.
The decree, published on the official website of the Ukrainian President’s Office, outlines comprehensive measures against legal entities and individuals aiding Russia’s military-industrial complex by funneling assets via cryptocurrency channels. According to Vladyslav Vlasiuk, Ukraine’s Commissioner for Sanctions Policy, of the 60 sanctioned companies, 55 are based in the Russian Federation.
Breakdown of Sanctioned Entities
- 19 Companies: Major cryptocurrency miners engaged in sanction-bypass activities.
- 17 Companies: Operators of information systems for issuing digital financial assets; several already face U.S. sanctions.
- 19 Companies: Firms integral to Russia’s financial infrastructure, including manufacturers of payment equipment, organisers of blocked asset exchanges, and intermediaries for international payments subject to sanctions.
- 5 Companies: Crypto exchange operators implicated in sanction evasion schemes.
Additionally, five entities outside Russia have been sanctioned for their roles in assisting Russia evade restrictions. Many of these non-Russian companies are already under U.S. sanctions. They include:
- TOKENTRUST HOLDINGS LIMITED (Cyprus): Under U.S. sanctions since March 25, 2024.
- EXMO RBC LTD (Kazakhstan): Operator of the EXMO.me crypto exchange, active in Russia, Belarus, and Kazakhstan, involved in sanction circumvention.
- AWX Solutions FZ-LLC (UAE): Operator of the AWX.pro crypto exchange, under U.S. sanctions.
- Crypto Explorer DMCC (UAE): Also under U.S. sanctions, operates the AWEX exchange and facilitates cryptocurrency, rouble, and dirham conversions in the UAE.
- Bitpapa IC FZC LLC (UAE): A peer-to-peer crypto exchange targeting Russian users, under U.S. sanctions.
Sanctions Against Individuals
Seventy-three individuals have been sanctioned, including managers, owners of the penalized firms, and officials from the Central Bank of the Russian Federation. These individuals face asset freezes and prohibitions on conducting economic activity within Ukraine.
The full list of sanctioned companies and individuals has been published in Ukraine’s National Security and Defence Council sanctions register.
President Zelenskyy’s Statement
President Zelenskyy emphasized that the sanctions represent both synchronization with international partners and an independent Ukrainian initiative.
He noted, “Through just one company, LLC A7 — now included on the sanctions list — several billion dollars have been funnelled since the beginning of this year alone, prior to these sanctions. These funds primarily serve Russia’s military-industrial complex.”
Zelenskyy added, “With many traditional Russian financial channels already blocked, they are increasingly turning to cryptocurrency transactions. We will shut down all such schemes.”
Context and Significance
The sanctioning of these crypto firms underscores the growing role of cryptocurrency in attempts to evade global financial sanctions amid the ongoing conflict. Ukraine’s move is part of a broader effort to tighten restrictions on Russia’s access to international finance and to curtail funding for its military operations.
This development also highlights increased international attention on cryptocurrency exchanges and mining operations as potential tools for sanction evasion. Notably, several of these entities are already sanctioned by the United States, reflecting coordinated pressure from Western countries.
For the full list of sanctioned entities and individuals, please refer to the sanctions register of Ukraine’s National Security and Defence Council.
Source: Decree published by the Office of the President of Ukraine, Ukrainska Pravda
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