Ukraine Sanctions Russian Crypto Networks in Major Crackdown on War Financing
Ukraine has implemented sanctions against 60 firms and 73 individuals linked to Russian-backed crypto operations, freezing their assets. President Zelenskyy announced a "special sanctions package" targeting entities involved in financing Russia's military efforts through digital finance. The decree, initiated by Ukraine’s National Bank, includes sanctions on 19 major Russian crypto miners, 17 digital asset system operators, and five crypto exchanges. Notable sanctioned firms include LLC A7, which launched a ruble-pegged stablecoin, and foreign companies like TokenTrust Holdings and EXMO RBC LTD. The crackdown highlights concerns over Russia's use of crypto to bypass sanctions amid ongoing military conflict. Recent reports indicate that sanctioned states are leveraging crypto for financing weapons and cyber operations. Tensions have escalated on the battlefield, with intensified assaults from Russian forces and increased Ukrainian long-range strikes targeting military infrastructure.
