Volodymyr Zelensky stood before the entire US Senate on July 28, urging lawmakers to back the Sanctioning Russia Act, a bill set to impose tariffs reaching 500% on countries still buying Russian energy. The bill, supported by over 84 senators, is designed to tighten the financial noose around Moscow by cutting off key revenue streams fueling the war in Ukraine.
Under the proposed legislation, the US president would gain authority to slap steep tariffs on nations importing Russian oil, gas, and uranium, escalating pressure beyond the sanctions already in place since 2022. The bill also broadens financial restrictions to choke Moscow’s war funding more effectively, unlocking significant bipartisan momentum after a July 10 compromise between Congress and the Trump administration.
The Unseen Crypto Dimension
While cryptocurrency isn’t explicitly mentioned in the bill, Zelensky’s government is actively targeting crypto channels used by Russian entities to bypass sanctions. Ukraine’s National Bank has banned crypto services to Russian users, and Zelensky’s administration has sanctioned Russian groups involved in crypto-based evasion. Since the initial sanctions, Russian actors have exploited stablecoins and peer-to-peer exchanges to move funds outside traditional banks.
This crackdown occurs as rising energy costs strain cryptocurrency miners in the region, especially those reliant on energy-intensive proof-of-work systems like Bitcoin. Higher electricity bills are pushing operational costs up, creating added pressure on miners who often operate with thin profit margins.
