Russia has allegedly been using cryptocurrency to secretly fund sabotage and other covert operations across Europe, according to Poland’s National Security Chief, Sławomir Cenckiewicz.
Speaking to the Financial Times on October 13, Cenckiewicz said that Moscow has turned to digital currencies to cover its money trails from Western intelligence. These funds, he added, are helping pay for drone attacks, cyber operations, and other strikes on vital systems like water and energy infrastructure.
Cenckiewicz explained that intelligence shared among Poland, Denmark, Germany, and Norway confirms that Russia’s “shadow fleet” of old oil tankers is now being used for drone reconnaissance missions. “They confirm that the shadow fleet of often very old Russian oil tankers that used to smuggle oil is being used by Russia for [drone] reconnaissance,” he said.
Poland tightens crypto oversight
Warsaw’s findings trace back to 2023, when Polish intelligence uncovered a GRU-run spy network funded largely through cryptocurrencies. Cenckiewicz said the Kremlin continues using similar methods to support its covert operations.
In response, Poland has tightened its crypto laws and now includes prison sentences for breaking them. The move aims to close financial gaps that could let foreign governments secretly fund spies or other disruptive activities.
“The Polish intelligence services are very much interested in this whole legislative process, to ensure there are no gaps that would allow foreign powers to use [crypto] to finance their agents,” Cenckiewicz noted.
Russia’s expanding use of digital assets
Russia’s increasing use of cryptocurrency began after it was cut off from the SWIFT banking system following the 2022 invasion of Ukraine. Since then, Russian institutions have turned to crypto to keep money flowing and dodge Western sanctions.
Deputy Finance Minister Ivan Chebeskov recently said that more than 20 million Russians now use crypto “for various purposes,” calling it a financial reality the government can no longer ignore.
Meanwhile, the European Commission is preparing its 19th sanctions package, targeting crypto platforms and transactions involving Russian entities. “We are targeting the financial loopholes that Russia uses to circumvent sanctions,” said Ursula von der Leyen.
Russia’s growing use of crypto for secret operations shows how cryptocurrency is turning into a new weapon in global power games.
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