Camilla Jessen
New Ukrainian sanctions target digital finance networks linked to Russia’s military industry.
Ukrainian President Volodymyr Zelenskyy has approved a new wave of sanctions aimed at cutting off Russia’s access to funds—particularly through cryptocurrency channels.
The decision, announced over the weekend on Telegram, targets 60 Russian companies and 73 individuals believed to be helping sustain Moscow’s war effort through alternative financial routes.
Focus shifts to digital money trails
The Ukrainian government says the new measures are meant to shut down money flows that are harder to trace, especially those involving crypto transactions.
Zelenskyy noted that one of the sanctioned firms had moved several billion dollars in 2024 alone, allegedly in support of Russia’s military-industrial complex.
“As traditional routes are being blocked, Russia is shifting to crypto-based schemes,” the president said in a statement. “We’re shutting them down.”
The sanctions were initiated by the National Bank of Ukraine and include what Zelenskyy called “special sanctions,” specifically targeting digital financial platforms.
A coordinated international effort
Zelenskyy emphasized that the crackdown was not just a national move but part of a larger plan coordinated with Ukraine’s international allies.
The aim is to synchronize sanctions with countries like those in the European Union, so that financial networks tied to the Kremlin can’t simply reroute operations through softer jurisdictions.
“All EU sanctions must be mirrored in Ukrainian law,” Zelenskyy said. “And Ukrainian sanctions must feed into the EU system as well.”
Zelenskyy said another round of sanctions will likely be announced next week.
The new decisions follow earlier sanctions from June 27, when 87 Russian-linked companies and individuals were hit—including entities tied to drone parts and equipment for the Alabuga Special Economic Zone.
