Ukrainian President Voldimir Zelensky has revitalized an overwhelming package of economic sanctions, particularly on 60 companies and 73 individuals linked to the Russian financial scheme of the cryptocurrency sector, as announced in his official speech.
The measure, which has been effective since July 6th, aims to block alternative financial channels Russia uses to avoid international sanctions. Freezing assets and banning economic activity in Ukraine.
The order, backed by the proposals of the National Security Council (RNB) and the National Bank of Ukraine, sanctions on 55 Russian companies, including 19 Bitcoin miners, 17 operators of the digital financial asset system and five cryptocurrency exchanges.
There is also one from Kazakhstan and three from Cyprus, but some are already under US sanctions, such as the Crypto Explorer DMCC and the Bitpapa IC FZC LLC.
Among the authorized individuals are executives of these companies and officials from the Russian Central Bank.
Zelensky emphasized that. just Authorized companies led billions of dollars this year Funding Russia’s military industrial complex.
“With many traditional financial channels being blocked, Russia will increasingly resort to cryptocurrency trading. We plan to close all of these schemes,” he said, according to Ukrainian media.
Ukraine coordinates with the European Union and other allies to coordinate these sanctions; I will propose a new measure next week Strengthen international pressure.
The Ministry of Foreign Affairs will notify the EU, the US and other countries and urge them to adopt similar restrictions. As detailed in the statute, this implementation will be overseen by the government, security services and the national banks by the RNB’s secretary Oleksandr Lytvynenko.
Russia faces financial restrictions following its invasion of Ukraine in 2022, and as reported by Cryptonoticia in March, the country will convert the yuan and rupee in the oil trade between China and India using Bitcoin (BTC), Ether ETH and USDT (Tether).
Sources show that Cryptocurrency remains key in Russian tradeeven if sanctions rise, for convenience and speed. “The dollar could return, but cryptographic action has proven to be an effective alternative,” they said.