Ukraine imposed sanctions against Russia's cryptocurrency schemes: what is known

Updated: July 6, 2025

On July 6, 2025, President Volodymyr Zelenskyi signed a decree implementing the NSDC decision on sanctions against Russian and international companies and individuals who helped the Russian Federation circumvent international restrictions through cryptocurrencies. Miners, crypto exchanges, financial infrastructure participants and top managers were sanctioned.

60 companies under sanctions: the majority — from the Russian Federation

The decree introduces sanctions against 60 companies, among which 55 are residents of the Russian Federation. This is part of a large-scale initiative by the National Security and Defense Council (NSDC) to block capital withdrawal schemes through cryptocurrencies used by the aggressor.

Key groups of companies under sanctions: who and for what

According to Vladyslav Vlasyuk, adviser on sanctions policy at the Office of the President, the following were sanctioned:

• 19 largest mining companies that create crypto schemes to circumvent sanctions;
• 17 operators of digital assets, some of which have already come under US sanctions;
• 19 companies of the financial infrastructure of the Russian Federation, including manufacturers of payment equipment and intermediaries for international transfers;
• 5 operating crypto exchanges directly involved in the transfer of funds to circumvent sanctions.

Foreign companies cooperating with the Russian Federation

Among the companies that are not residents of the Russian Federation, but help it circumvent sanctions, the following are noted:

• TOKENTRUST HOLDINGS LIMITED (Cyprus) — under US sanctions since March 2024;
• "EXMO RBK LTD" (Kazakhstan) is the operator of the EXMO.me crypto exchange, which operates on the markets of the Russian Federation, Belarus and Kazakhstan;
• AWX Solutions FZ-LLC (UAE) — operates the AWX.pro exchange (formerly AWEX), under US sanctions;
• Crypto Explorer DMCC (UAE) is an AWEX operator that exchanges cryptocurrencies, rubles and dirhams;
• Bitpapa IC FZC LLC (UAE) is a peer-to-peer crypto exchange targeting Russians, also under US sanctions.

Sanctions against individuals and the Central Bank of the Russian Federation

Together with the companies, sanctions were imposed on 73 individuals — owners, top managers and officials of the Central Bank of Russia. All of them are involved in financial manipulations on the crypto market.

What restrictions does Ukraine introduce?

Sanction measures include the freezing of assets and a ban on conducting economic activities in Ukraine. These actions are synchronized with the international policy of partners — in particular, the United States, which has already imposed sanctions against a number of the mentioned subjects.

Zelensky: "Several billion dollars - through one company"

Commenting on the decision, President Zelenskyy emphasized: "Since the beginning of 2025, the Russians have spent several billion dollars only through one company that is already under sanctions - A7 LLC." And most of these funds are directed to the needs of the military industry of the Russian Federation. We will stop all such schemes."

Cryptocurrencies are a new financial avenue

Against the backdrop of the isolation of the Russian banking system, traditional financial channels are blocked, so the Russian Federation is actively switching to cryptocurrency payments. This explains the increased attention paid by Ukraine and the West to the crypto market.