Ukraine Exposes 14 Companies Helping Russia Evade Sanctions

The Main Intelligence Directorate of Ukraine's Ministry of Defense has released information on 14 companies and financial institutions that help Russia circumvent sanctions. These entities include Finzypay, a payment and cryptocurrency platform that performs conversions and transfers using RubX, a digital asset pegged to the ruble.

Finzypay was developed with the participation of state-owned corporation 'Rostec'. Other companies on the list include Asia-Pacific Bank, which conducts cross-border settlements using the Chinese interbank system CIPS and a Kazakhstani bank.

The use of digital currencies and cross-border payment networks has become increasingly important for Russia as it seeks to maintain international transactions despite being under sanctions. The Russian military-industrial complex still relies heavily on foreign electronic components, equipment, raw materials, and other critically important resources.