Canada Targets Crypto Infrastructure and Shadow Fleet in Sweeping Russia Sanctions

Canada has announced a new package of sanctions designed to target the financial institutions, cryptocurrency infrastructure and maritime logistics networks that enable Russia to circumvent international restrictions and maintain its export revenues, according to Vladyslav Vlasiuk, Ukraine's Commissioner for Sanctions Policy.

Speaking to Ukrinform, Mr Vlasiuk said that Ottawa was "consistently expanding pressure on the financial and logistics infrastructure that enables Russia to circumvent sanctions and maintain export flows." The latest package, he explained, targets key elements of the Russian financial system, including the Moscow Exchange, the Saint Petersburg Stock Exchange, and Absolut Bank. Particular emphasis, he noted, has been placed on the crypto sector and alternative payment mechanisms, with entities including Grinex LLC, Old Vector LLC, and TengriCoin CJSC being designated for their alleged role in facilitating cross-border payments outside the traditional banking system.

The sanctions are also understood to cover insurance and maritime service companies, among them Maritime Mutual, Soglasie Insurance Company, and Nova Shipmanagement, all of which provide insurance and management services for vessels belonging to the so-called shadow fleet. In a separate category, the measures apply to industrial and energy entities, including ROSATOM Energy Projects JSC, alongside a number of related companies involved in energy and production chains. Logistics and shipping operators engaged in the transportation of Russian energy resources have also been subjected to the restrictions.

"The overall logic of the Canadian package lies in simultaneously cutting off the financial channels, crypto infrastructure, and maritime logistics through which Russia ensures the stability of its export revenues amid sanctions pressure," Mr Vlasiuk emphasised. The presidential adviser stressed that the latest sanctions packages from the United Kingdom and Canada demonstrate a coordinated approach to applying pressure on the Russian war economy, spanning financial and crypto infrastructure through to the logistics of the shadow fleet and energy revenues.

"The consistent expansion of restrictions in these sectors reduces Russia's ability to circumvent sanctions and maintain stable external financial and trade flows that directly fuel the military machine," he explained. It is understood that during a meeting with Canadian Prime Minister Mark Carney, President Volodymyr Zelensky expressed his gratitude for the new package, which targets more than 160 entities linked to Russia's shadow fleet, as previously reported by Ukrinform. The matter comes to light as Western allies continue to tighten the financial and maritime noose around Moscow's wartime economy.