Ukraine has implemented sanctions against 19 Russian crypto miners, 17 digital asset operators, and five exchanges to combat war financing via cryptocurrency. President Volodymyr Zelenskyy announced asset freezes and economic activity restrictions for firms and individuals linked to Russian financial operations. This initiative targets systems used by Russia to evade international sanctions, particularly in light of the escalating conflict in eastern Ukraine. The sanctions, which also include foreign firms from Cyprus, Kazakhstan, and the UAE, were introduced by Ukraine's National Bank and aim to disrupt financial support for Moscow's military endeavors. Zelenskyy stated that one single sanctioned entity had funneled billions of dollars primarily for military use this year alone. Blockchain analytics firm Chainalysis noted that Russia has significantly utilized cryptocurrencies for sanctions evasion and illicit activities, putting pressure on Ukraine to act decisively against these financial schemes. Reports suggest that crypto is increasingly aiding sanctioned states, including North Korea and Iran, in financing illicit programs.

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