Ukrainian President Volodymyr Zelensky has signed a decree enacting a National Security and Defense Council (NSDC) decision to amend the sectoral sanctions imposed on Russian financial institutions.
That is according to a statement published on the president's website, Ukrinform reports.
The sanctions were originally introduced in February 2023 under an NSDC decision approved by the Verkhovna Rada. They imposed 50-year restrictions on all banks, non-bank lending institutions, payment system operators, securities market participants, insurance companies and investment funds registered or operating in Russia.
The National Bank of Ukraine has now prepared amendments to strengthen these restrictions. The updated measures are intended to prevent Russia from using modern financial instruments, including cryptocurrencies, to circumvent sanctions. The expanded sanctions now also cover operators of digital financial asset platforms, cryptocurrency service providers, financial platforms and clearing organizations.
The updated restrictions prohibit transactions involving virtual assets, as well as the use of platforms, services or products that facilitate transactions in financial and virtual assets.
