The United Kingdom on May 26 imposed sanctions on 18 crypto platforms, banks, and financial companies that Russia used to circumvent restrictions and fund the war against Ukraine.
This is stated on the British government website.
In particular, the new British sanctions targeted cryptocurrency exchanges, companies linked to Russia, and the A7 network, a Kremlin-backed system that British authorities say was used to circumvent sanctions, finance military purchases, and settle oil sales.
London estimates that more than $90 billion passed through the A7 last year. Thatʼs about half of Russiaʼs annual military spending.
The restrictions also affected people associated with A7, including Igor Gorin, Irina Hakobyan and Sergey Mendeleev, and the “Eurasian Savings Bank” in Kyrgyzstan, which, according to British authorities, helped make payments for the network.
The sanctions targeted a large international crypto exchange, through which more than $1.5 billion could have flowed to Russia, and three Georgian companies that allegedly operated crypto exchanges targeting Russia.
British Home Secretary Yvette Cooper said that Russia is trying to use "shadow financial systems" and cryptocurrency networks to circumvent sanctions, but London intends to block the financial channels that support the Russian military economy.
- The United Kingdom recently imposed new sanctions against Russian officials, propagandists, and organizations involved in the deportation and ideological indoctrination of Ukrainian children.
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