Ukraine hits Russia's crypto networks with new sanctions to choke war funding - Zelenskyy
Photo: Ukrainian President Volodymyr Zelenskyy (Getty Images)
The new Ukrainian sanctions package aims to block Russia's financial schemes, particularly those involving cryptocurrencies. It includes 60 companies and more than 70 Russian citizens on the list of restrictions, says Ukrainian President Volodymyr Zelenskyy.
"I have just signed a new sanctions package. These are special sanctions that hit many Russian financial schemes, including those related to cryptocurrency. The sanctions were proposed by the National Bank of Ukraine," Zelenskyy explained.
According to him, the sanctions package was coordinated with Ukraine's partners at Ukraine's initiative.
"Just through one company, which is now on the sanctions list, Russians transferred several billion dollars since the beginning of this year, before the sanctions were applied. Most of these funds went to support their military industry. Of course, we will stop all these schemes. Now, as traditional financial channels are blocked in many places, Russia is increasingly using cryptocurrency transactions," Zelenskyy emphasized.
At the same time, Zelenskyy noted that the current sanctions package targets 60 legal entities.
"We will work on each one with our partners to combine sanctions — ours and European, ours and those of other significant jurisdictions worldwide," he added.
The package also includes 73 individuals, all Russian citizens, according to the President.
"We will synchronize sanctions on them as well. This is challenging work because sanction rules differ worldwide, but our shared goal is to force Russia to end the war and to severely limit its capabilities. Sanctions are already depriving Russia of its future and will significantly complicate the daily functioning of the Russian system," the Ukrainian President explained.
Additionally, Zelenskyy announced that new decisions are being prepared for next week, both Ukrainian and regarding the synchronization of European Union sanctions.
"All European packages against Russia must be implemented under Ukrainian jurisdiction. Likewise, our Ukrainian sanctions should be recognized in the European Union," he said.
Ukraine coordinates sanctions with the EU
As a reminder, just this month, President Volodymyr Zelenskyy enacted three decisions by the National Security and Defense Council of Ukraine regarding the imposition of sanctions and signed the corresponding decrees.
Through these steps, Ukraine synchronized its sanctions with the EU’s 9th, 10th, 11th, 12th, 13th, and 14th sanctions packages.
Notably, Zelenskyy recently issued a decree to implement the National Security and Defense Council's decision to coordinate sanctions pressure on Russia with international partners.
