The company was founded in Kyiv, Ukraine, in 1994. Since then, it has grown to enter the global market and become the official sponsor of four Premier League clubs.
However, it has now had its customer platform blocked.
In its statements, Parimatch has said it will refund any customer that still had funds in place.
While it is currently searching for a legal refund mechanism to deal with the scale of the operation, it promises that all personal funds are safe and will be returned in full.
In a statement, Parimatch Ukraine said: “Team LLC Parimatch Ukraine addresses @zelenskiy.
“We inform you that throughout the Russian military invasion in Ukraine, we have never received requests from the SBU to clarify the stop of the franchise in Russia.
“We ask to verify the information that has been falsified during the NSDC decision and take appropriate action on all improper violations by the Security Service of Ukraine.”
The sanctions come after the President of Ukraine, Volodymyr Zelenskyy, announced on 11 March 2023 that the Government would be taking action against any gambling companies with ties to Russia.
Zelenskyy said: “Our new sanctioning step against individuals and legal entities associated with the evil state. The relevant decree has been published.
“These are more than 280 companies and 120 people who, through gambling business schemes, worked against Ukraine, withdrew funds from our state and financed various Russian schemes.
“It took some time to prepare the decision. It has been thoroughly worked out and closes schemes worth tens of billions. And it is not the last such decision.”