Zelensky Signs New Sanctions Targeting Russian Crypto and Financial Schemes

Volodymyr Zelenskyy, the President of Ukraine, signed a new package of sanctions aimed at countering Russian financial schemes, including cryptocurrency operations. This was announced in his evening video address on July 6.

The President noted that the new sanctions are coordinated with the actions of international partners and include Ukrainian initiatives.

“Just through one company, which is now on the sanctions list, and only since the beginning of this year, that is before the sanctions, the Russians transferred several billion dollars, mostly for the needs of their military industry. Of course, we will stop all these schemes. Now, when the usual financial channels for Russia are blocked in many places, they are also turning to cryptocurrency transactions.”

The sanctions affected 60 legal entities and 73 individuals who are Russian citizens. Zelenskyy emphasized that Ukraine will work with international partners to unify sanctions across different jurisdictions.

“This is not an easy task: sanction rules vary around the world, but we all share the same goal – to force Russia to end the war and to severely limit its potential. Sanctions are already depriving Russia of its future and should significantly complicate the daily functioning of the Russian system.”

Additionally, the President announced that new decisions will be prepared next week, both Ukrainian and regarding the synchronization of European Union sanctions.

“All European packages against Russia must be implemented within Ukrainian jurisdiction. Just as our Ukrainian sanctions must be recognized in the European Union.”

Recall that on June 27, President Zelenskyy approved the decision of the National Security and Defense Council of Ukraine on the introduction of personal special economic and other restrictive measures. The sanctions targeted 87 entities: 52 individuals (Russian citizens) and 35 legal entities (34 tax residents of Russia and 1 of China).