UK hits crypto networks and Russia sanctions evasion schemes
Photo: UK imposes sanctions on crypto networks and schemes to circumvent Russian sanctions (Facebook)
The United Kingdom has announced a new sanctions package amid growing international efforts to achieve a "just and lasting peace" in Ukraine, according to the UK government press service.
Due to sanctions pressure, Russia has shifted toward Kyrgyzstan’s financial sector and opaque crypto networks, including the use of the A7A5 token, which processed $9.3 billion in transactions over four months on a specialized exchange.
Sanctions target Kyrgyz Capital Bank and its director, Kantemir Chalbayev, which, according to the UK government, Russia used to pay for military goods. Restrictions also apply to crypto exchanges Grinex and Meer, the infrastructure behind the ruble-backed token.
Additional entities and individuals included are GRINEX LLC, CJSC TENGRICOIN, OLD VECTOR LLC, Leonid Shumakov, Zhanyshbek uulu Nazarbek, and Altair Holding SA.
"These sanctions keep up the pressure on Putin at a critical time and crack down on the illicit networks being used to funnel money into his war chest. Alongside our allies, we will continue to support the US-led drive to end this illegal war and secure a just and lasting peace," said UK sanctions minister Stephen Doughty.
The government emphasized that pressuring Russia’s "war machine" strengthens US President Donald Trump’s efforts to stop the killings in Ukraine, force Moscow into meaningful negotiations, and also enhances UK security.
London stated it is prepared to continue increasing pressure and tightening restrictions, closing networks that finance the war wherever they operate.
The announcement of the new sanctions against Russia came after a meeting this week in Washington with UK Prime Minister Keir Starmer, European leaders, Ukrainian President Volodymyr Zelenskyy, and Trump.
Zelenskyy-Putin meeting
On August 15, US President Donald Trump met with Russian leader Vladimir Putin in Alaska. On August 18, Trump hosted Zelenskyy at the White House along with European leaders.
Following these talks, the US President called Putin to coordinate contact with Zelenskyy.
Moscow insists on the following sequence: first a bilateral conversation, then a trilateral meeting including Trump.
Switzerland has offered to host a summit, and Austria has also expressed readiness to provide a venue for talks between Zelenskyy and Putin.
At the same time, German Chancellor Friedrich Merz doubts that the Russian leader will dare to meet with Zelenskyy.
