Ukraine Sanctions Fintech Entrepreneur Olena Shevtsova: Allegations of Money Laundering and Russian Transactions Surface

On April 12, 2025, Ukraine’s National Security and Defense Council (NSDC) imposed personal sanctions on fintech entrepreneur Olena Shevtsova, also known in business circles as Olena Degryk. The sanctions follow a criminal investigation into large-scale money laundering, unlicensed gambling, and cross-border transactions involving Russian banks.

According to Forbes Ukraine, citing law enforcement sources, the sanctions stem from a 2023 investigation initiated by Ukraine’s Security Service (SBU) and the Bureau of Economic Security (BES). Investigators allege that iBox Bank, where Shevtsova held a 25% stake, generated over UAH 2.5 billion ($65 million) in annual shadow profits through partnerships with illegal online casinos.

In March 2025, BES announced it had completed a special pre-trial investigation into Shevtsova and her associates Iryna Tsyhanok and Zoia Nesterovska, alleging they laundered nearly UAH 5 billion ($130 million). The case is expected to be transferred to court following defense review of case materials.

A forensic audit also identified UAH 1.4 billion ($36 million) in tax evasion, allegedly facilitated by executives at iBox Bank.

Crypto to Rubles and P2P Transfers to Russian Banks

Law enforcement sources cited additional factors contributing to the sanctions decision. Some online platforms serviced by iBox Bank reportedly enabled cryptocurrency-to-ruble exchanges, as well as fund withdrawals to Russian Mir payment cards, in violation of wartime currency restrictions imposed by the National Bank of Ukraine.

Authorities are also investigating P2P transfers linked to LLC “FC LEO”, a payment company controlled by Shevtsova. In September 2021, the company processed UAH 1.6 billion in transfers, with 92% of the volume directed to Russian bank cards, including accounts at Sberbank, VTB, Promsvyazbank, and Tinkoff.

Shevtsova’s attorney, Artem Svitka, declined to comment, citing the complexity of the case.

Corporate Holdings

According to Ukrainian corporate registry YouControl, Shevtsova is the beneficial owner of several companies, including:

50% ownership:

– LLC “FC LEO” (2023 assets: UAH 1.4 million)

25% ownership:

– Liquidated JSC “iBox Bank”

– LLC “TAS Link” (2024 assets: UAH 98.8 million)

– LLC “iGame” (2017 assets: UAH 94 million)

– LLC “Leogaming” (2022 assets: UAH 555,000)

– LLC “Dzenhular” (2022 assets: UAH 180 million)

– LLC “Leo Partners” (2022 assets: UAH 1.2 million)

– LLC “LBK2019” (2024 assets: UAH 7.7 million)

– JSC “ZNVKIF Leo Invest Group” (2024 assets: UAH 10.6 million)

– Shopping mall “Metropolia” (2024 assets: UAH 5.06 million)

– Charitable foundation “Leo Foundation”

The sanctions entail asset freezes, restrictions on financial operations, and prohibition of property use on Ukrainian territory.