finance
UK Announces Sanctions on Russian Crypto Network and Related Firms
The United Kingdom imposed sanctions on 18 entities tied to a Kremlin-linked cryptocurrency settlement system. The measures target payment routes used to bypass restrictions imposed after the 2022 invasion of Ukraine.
May 28, 7:45 AM·1m read1 source
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The United Kingdom announced sanctions against 18 individuals and entities connected to a cryptocurrency network used to move funds for Russian entities. Foreign Secretary Yvette Cooper stated the package targets the A7 network, a ruble-based settlement system, and associated exchanges and firms operating through Kyrgyzstan and Georgia.
5 billion dollars to Kremlin-linked entities, and three Georgian companies operating Russia-focused trading platforms. UK officials said the A7 network uses a ruble-backed token called A7A5 and maintains links to Promsvyazbank, a state lender supporting the Russian defense sector.
The UK government said the A7 network moved more than 90 billion dollars in the past year, an amount officials described as approaching half of Russia's annual military spending. Separate investigations cited by the government found that A7-linked wallets handled transfers for sanctioned oligarchs and state-linked businesses.
Britain has sanctioned more than 3,300 individuals, companies, and vessels linked to the Kremlin since the 2022 invasion. The government estimates that international sanctions have reduced Russia's economy by more than 450 billion dollars.
