The Ukrainian government has intensified its efforts to counter international sanctions evasion—this time in the digital realm. President Volodymyr Zelenskyy has signed a new decree imposing sanctions on 60 cryptocurrency companies and 73 individuals, mostly from Russia, for allegedly helping the Kremlin fund its war effort through digital assets.

🔹 Ruble-Pegged Stablecoin Moves Billions

According to Zelenskyy, Russian entities have moved billions of dollars through crypto, including funds for military and defense purposes. One particular stablecoin pegged to the Russian ruble has reportedly processed over $9.3 billion in transactions just four months after its launch.

💣 Ukraine: Crypto is Russia’s New Tool to Bypass Sanctions

Decree No. 465/2025, issued by Ukraine’s National Security and Defense Council, enforces "personal special economic and other restrictive measures" on the listed entities. In practice, this means asset freezes and bans on business activities within Ukrainian jurisdiction.

Zelenskyy stated that Ukraine would urge its international partners, including the EU and the US, to impose similar measures on these entities.

🔹 Who’s on the Sanctions List?

According to Ukraine’s Commissioner for Sanctions Policy, Vladyslav Vlasiuk, the list includes:

🔹 55 Russian companies, including five crypto exchanges that helped evade sanctions

🔹 19 crypto mining entities involved in a network circumventing restrictions

🔹 17 firms managing digital asset issuance platforms, already under US sanctions

🔹 Another 19 firms supporting the Russian financial system—by manufacturing payment equipment, exchanging frozen assets, or facilitating international transfers

Five entities on the list are not Russian, yet already face US sanctions. These include:

🔹 Token Trust Holdings Limited (Cyprus)

🔹 EXMO RBC Limited (Kazakhstan)

🔹 AWX Solutions

🔹 Crypto Explorer DMCC

🔹 Bitpapa IC FZC (UAE)

💬 Zelenskyy: Billions Moved Through One Company

In a separate address, President Zelenskyy emphasized that Russia moved several billion dollars through a single company now under sanctions—just since the beginning of this year, before the measures were enacted.

"Russia’s traditional financial system is under pressure from sanctions, so they are increasingly turning to cryptocurrencies. We must stop this," he said.

While Zelenskyy acknowledged the complexity of global sanctions enforcement, he stressed the shared goal of Ukraine and its allies: limiting Russia’s ability to wage war.

💰 Ruble-Backed Stablecoin: A New Weapon?

A Financial Times report revealed that the ruble-pegged stablecoin A7A5, launched on the Grinex crypto exchange, has processed $9.3 billion in just four months. The stablecoin, launched in Kyrgyzstan by fugitive Moldovan oligarch Ilan Shor, holds its reserves in Russia’s Promsvyazbank, which is under US sanctions.

According to the Centre for Information Resilience (CIR), over 12 billion tokens are in circulation—worth approximately $156 million—with a small number of users moving substantial sums.

✊ Joint Action with the EU and the US

Ukraine also announced it is actively implementing EU sanctions within its territory, just as the EU will enforce Ukrainian sanctions in its jurisdictions. “Sanctions are already depriving Russia of its future,” said Zelenskyy, “and now they must significantly hinder the daily functioning of the Russian system.”



#ukraine , #Zelenskyy , #russia , #blockchain , #Stablecoins

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