In a defiant move, Ukraine strikes at crypto routes fueling Russia’s war machine. The war-torn European country has unleashed a dramatic wave of sanctions designed to choke off the digital pipelines that have been fueling Russia’s military campaign.
President Volodymyr Zelenskyy signed Decree No. 465/2025, effectively freezing the assets and banning operations of 60 crypto firms—55 based in Russia and five scattered across Cyprus, Kazakhstan and the UAE.
This sweeping action is meant to send a strong message: crypto won’t be a safe haven for money that bankrolls conflict.
According to the decree, five crypto exchanges are accused of moving funds for sanctioned Russian entities. Nineteen mining operations have been caught processing coins linked to sanctioned individuals.
Seventeen platforms that issue digital assets already under US restrictions are now blocked in Ukraine. Another 19 companies—from makers of payment terminals to brokers arranging international transfers—face asset freezes and activity bans.
Ukraine didn’t stop at companies. The sanctions list also names 73 individuals, all Russian citizens, including high‑ranking central bank officials.
Based on reports from Ukraine’s National Security and Defense Council, these measures will be shared with allies like the EU and the US. That way, they can mirror the bans and tighten the grip on every channel Russia uses.