On Tuesday, Britain imposed sanctions on Russian-linked cryptocurrency platforms, banks, and financial networks that it claims help Russia avoid existing restrictions. These sanctions include freezing assets and prohibiting UK companies from processing payments or maintaining banking relationships with these entities. The focus is on what London calls “shadow financial systems” that support Russia’s war efforts, particularly the Kremlin-backed A7 network used for transferring funds and financing procurement.
The measures also target cryptocurrency exchanges and banks with ties to Russia, including a bank in Kyrgyzstan and companies in Georgia and the UAE, as well as individuals associated with these networks. Britain emphasized its commitment to disrupting payment routes that support Russia’s invasion of Ukraine. Foreign Minister Yvette Cooper stated that the UK will work with allies to address these issues. This action follows Britain’s recent decision to delay a ban on imports of diesel and jet fuel sourced from Russian crude refined in other countries.
With information from Reuters
