UK authorities are ramping up their pressure on Russia with a fresh sanctions package targeting over a dozen individuals, crypto networks, and firms used to bypass the country’s sanctions.
Russia-Linked Crypto Firms Hit With New SanctionsThe package designated 18 entities linked to Russia’s illicit financial infrastructure used to move funds, procure goods, and sustain the war against Ukraine, such as the A7 network. Notably, the Kremlin-backed network reportedly exploits Kyrgyzstan’s financial systems to channel funds into Russia.
The measures target key A7-linked individuals, including a Kyrgyz bank suspected of facilitating payments for the network and a major global cryptocurrency exchange suspected of channeling over $1.5 billion back into the Kremlin’s hands.
A spokesperson for HTX told Bloomberg that “Regulatory compliance remains our absolute top priority at HTX,” adding that they “proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK.”
Earlier this year, the European Commission (EC) began exploring measures to prohibit all crypto transactions linked to Russia to further crack down on the country’s use of digital assets to evade sanctions.
The FCDO noted that “as long as the killing in Ukraine continues, the UK and its allies stand ready to ratchet up pressure on Russia and will continue to strengthen sanctions at every opportunity.”
Foreign Secretary Yvette Cooper stated that “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken.”
“We will continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks, and ensure those enabling Russia’s aggression face consequences,” she concluded.
