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Crypto

War Wallets Exposed: 60 Crypto Operators Under Ukraine’s Gun

Christian Encila
by Christian Encila
2 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Secret Service’s $400 Million Crypto Cache: A Decade Of Digital Hunts

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.

Sanctions Span Exchange Miners And Issuers

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.

Ukrainian President Zelensky has sanctioned 60 companies aiding Russia’s sanctions evasion via crypto, including 55 from Russia and others from Cyprus, Kazakhstan, and the UAE. The move targets mining, exchange, and payment firms as Ukraine seeks to block Russia’s growing use of…

— Wu Blockchain (@WuBlockchain) July 7, 2025

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.

Total crypto market cap currently at $3.3 trillion. Chart: TradingView

Coordination With Allies Aims To Close Loopholes

Vladyslav Vlasiuk, Ukraine’s commissioner for Sanctions Policy, said Kyiv will urge its partners to adopt matching rules. The goal is to close every loophole Russia uses to fund its military.

Zelenskyy revealed that one single firm moved “several billion dollars” since January to support Russia’s military‑industrial complex. That figure shows why digital channels have become critical for sanctioned players.

New Stablecoin Highlights Growing Risks

Based on reports by the Financial Times and the Centre for Information Resilience, Russia’s crypto use is on the rise. A new stablecoin called A7A5, pegged to the ruble, moved over $9 billion in just four months on the Grinex exchange.

Related Reading: Bitcoin First: Musk’s Political Party, Crypto Push Shakes Up Washington

More than 12 billion A7A5 tokens now float in circulation, backed by roughly $156 million in reserves held at the US‑sanctioned Promsvyazbank. Only a few wallets handled most of that volume, showing how a small group can steer vast sums.

Meanwhile, five non‑Russian companies also made the list: Token Trust Holdings Limited in Cyprus, EXMO RBC Limited in Kazakhstan, AWX Solutions and Crypto Explorer DMCC in the UAE, and Bitpapa IC FZC in the UAE.

All five are already under US restrictions. Their inclusion highlights how sanctions evasion often relies on a global network of service providers.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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