Ukraine Sanctions 60 Crypto Firms Allegedly Fueling Russia’s War Machine

Ukraine has launched a sweeping crackdown on cryptocurrency operations allegedly supporting Russia's military efforts. President Volodymyr Zelenskyy signed Decree No. 465/2025, freezing assets and banning operations of 60 digital asset firms—55 Russian entities along with five others based in Cyprus, Kazakhstan, and the UAE.

The sanctions target a broad spectrum of crypto activities: five exchanges accused of moving funds for sanctioned Russian entities, nineteen mining operations processing tainted coins, and seventeen platforms issuing digital assets under US restrictions. Payment terminal manufacturers and international transfer brokers also face asset freezes.

This strategic MOVE aims to sever digital financial pipelines that have reportedly been bankrolling Russia's war effort. 'Crypto won't be a SAFE haven for conflict money,' the decree's language suggests, marking Ukraine's most aggressive action against cryptocurrency's alleged role in wartime finance.