Zelensky imposes fresh round of financial sanctions against Russian financial schemes
**Ukraine Imposes New Sanctions Targeting Russian Financial Schemes, Including Cryptocurrencies**
President Volodymyr Zelenskyi of Ukraine has announced a new package of sanctions aimed at Russian financial schemes, particularly those involving cryptocurrencies. The sanctions are part of Ukraine's efforts to align with international partners, including the European Union and other key global jurisdictions.
The sanctions specifically target 60 legal entities and 73 Russian citizens, including Moldovan oligarch Ilan Shor, who holds Russian citizenship and is accused of using a cryptocurrency token to help Russia circumvent sanctions.
The main objective of these sanctions is to prevent Russia from using its financial systems to support its military-industrial complex. President Zelensky mentioned that through one company alone, Russia spent several billion dollars for military purposes since the beginning of the year.
The National Bank of Ukraine initiated these sanctions, which are part of a broader strategy to counter Russian financial activities. The sanctions highlight the growing use of cryptocurrencies by Russia to circumvent traditional financial restrictions. President Zelensky noted that Russia is increasingly relying on cryptocurrency payments as traditional financial paths are blocked.
Ilan Shor's involvement in creating a cryptocurrency token (A7A5) to help Russia move billions of dollars is a notable example of the cryptocurrency-related sanctions.
Ukraine is preparing to further synchronize its sanctions with those of the European Union and other international partners to ensure comprehensive pressure on Russia. President Zelenskyi announced new decisions on the synchronization of EU sanctions for the following week.
Before the sanctions, Russians conducted several billion dollars in transactions, but the exact amount is not disclosed. The sanctions package includes both legal entities and individuals, and all European sanctions packages should be implemented in the Ukrainian jurisdiction and vice versa, according to President Volodymyr Zelenskyi.
The sanctions were introduced at the initiative of the National Bank and are both Ukraine's own initiative and synchronized with its partners. President Volodymyr Zelenskyi reported the sanctions in a video address on his Telegram channel. The sanctions were specifically directed at Russian financial schemes, including cryptocurrencies.
President Volodymyr Zelenskyi of Ukraine has signed a package of sanctions, marking another step in Ukraine's ongoing efforts to counter Russia's financial activities and support for its military-industrial complex.
- The Sanctions, initiated by the National Bank of Ukraine, are part of Ukraine's broader strategy to counter Russian financial activities and align with international partners, including the European Union, in the business, finance, politics, and general-news sectors.
- President Volodymyr Zelenskyi announced that the sanctions specifically target 60 legal entities and 73 Russian citizens, including Moldovan oligarch Ilan Shor, who holds Russian citizenship and is accused of using cryptocurrencies to help Russia circumvent sanctions, a clear link with the finance and cryptocurrency industry.
- The main objective of these sanctions is to prevent Russia from using its financial systems to support its military-industrial complex, affecting both business and finance, as President Zelensky mentioned that through one company alone, Russia spent several billion dollars for military purposes since the beginning of the year.
