UK Sanctions Target Russian Financial Networks in Kyrgyzstan and Crypto Schemes
In a major move to curb Russia’s ability to fund its military operations in Ukraine, the United Kingdom has imposed new sanctions targeting key individuals, companies, and financial networks in Kyrgyzstan, as well as cryptocurrency schemes designed to evade existing restrictions.
The Gaze reports on it, referring to a press release on the website for the UK government.
The sanctions were imposed after a meeting between the prime minister, European leaders, President Zelenskyy, and President Trump in Washington.
“UK cracks down on Russia’s attempts to avoid sanctions by exploiting Kyrgyz financial systems and crypto networks, building on over 2700 existing UK sanctions against Russia,” the statement follows.
Sanctions imposed by the United Kingdom and its allies target Russian financial networks, particularly in Kyrgyzstan, and cryptocurrency schemes used to circumvent restrictions and support aggression in Ukraine.
It is reported that today’s sanctions targeted Kyrgyzstan-based Capital Bank and its director Kantemir Chalbayev, which Russia allegedly uses to finance military purchases. The measures also hit the Grinex and Meer cryptocurrency exchanges, which support the rouble-backed A7A5 token that has transferred $9.3 billion in four months and is designed to circumvent Western sanctions.
“If the Kremlin thinks they can hide their desperate attempts to soften the blow of our sanctions by laundering transactions through dodgy crypto networks – they are sorely mistaken,” said Sanctions Minister, Stephen Doughty.
He also said that these sanctions increase pressure on Putin, suppress illegal financial networks, and, together with allies, are aimed at supporting US efforts to end the war and ensure lasting peace.
“As long as the killing in Ukraine continues, the UK and its allies stand ready to rachet up pressure on Russia and will continue to strengthen sanctions,” the press service reported.
The Gaze informed earlier that the United Kingdom and the European Union are preparing sanctions against Russia, which may be imposed if Russian leader Vladimir Putin refuses to participate in trilateral talks with US President Donald Trump and Ukrainian President Volodymyr Zelenskyy.