Yeliz Akmaca 
Ukraine has unveiled a new crypto sanctions package targeting Russia’s war financing network. On July 6, President Volodymyr Zelenskyy announced the new measures developed jointly with the National Bank of Ukraine. He stated that the package aims to disrupt the Kremlin’s financial strategies based on digital asset transfers.
The new sanctions directly target 60 companies and 73 Russian individuals. Ukrainian authorities state that these entities financed pro-war structures using crypto assets.
Zelenskyy emphasized that “each element will be coordinated with our partners—our and Europe’s sanctions, and those of other global jurisdictions.” The process is being conducted in collaboration with the European Union and other allied powers. Ukraine aims to align more closely with EU restrictions.
As Russia Turns to Crypto, Ukraine Moves Quickly
As Russia’s traditional banking channels become restricted, crypto transfers have emerged as an alternative route. Kremlin-backed entities now rely on digital assets to maintain logistics and fund defense operations.
One of the sanctioned companies conducted billions of dollars worth of crypto transactions this year. According to Ukraine, the majority of these funds supported Russia’s military industry. However, analysts argue that blockchain transparency and limited liquidity make crypto an ineffective tool for large-scale sanctions evasion.
Digital Assets Become a Strategic Advantage for Ukraine
Since the start of the invasion, Ukraine has raised over $200 million in crypto donations. By effectively utilizing digital assets, the country has achieved significant gains in defense financing.
Meanwhile, Zelenskyy confirmed that more sanctions are in preparation, with deeper integration into EU frameworks. Ukraine is also pushing for mutual recognition of its sanctions within the European Union.
In 2024, Russia legalized the use of crypto for cross-border trade. As a result, pro-war groups have collected millions in digital assets to bypass banking restrictions. Ukraine now acts to reverse this growing trend.
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