Ukraine has updated its sanctions against the Russian financial sector, curbing Moscow’s ability to evade sanctions via modern technology, according to a decree signed by President Volodymyr Zelensky on June 15.

The new amendments build on sanctions first imposed against Russia’s banking and finance sector in February 2023. The original restrictions applied to all Russian banks, credit unions, payment system operators, stock market participants, insurance companies, and investment funds for a period of 50 years.

The new measures, adopted based on proposals from Ukraine’s National Bank, aim to stop Russia from using modern financial instruments, such as cryptocurrency, to circumvent these sanctions.

Ukraine’s sectoral sanctions now apply…