UK targets Russian crypto networks in latest sanctions
Britain said the 18 designations target crypto exchanges and payment firms that helped move more than $90 billion through Russia-linked channels last year.
- On Tuesday, Britain announced a tough new wave of sanctions aimed at disrupting the crypto and financial networks Russia uses to bypass Western restrictions, with a package of 18 designations coming into effect immediately that freeze assets and bar British firms from processing payments.
- The measures stem from a broader Western effort to close financial loopholes that Russia has increasingly relied on as sanctions pressure tightened, targeting what London described as shadow financial systems underpinning Russia's war economy, including the Kremlin-backed A7 network.
- Britain imposed sanctions on 14 companies and four individuals, including cryptocurrency exchange EXMO, HTX , Bitpapa, Rapira, and Eurasian Savings Bank in Kyrgyzstan, with officials suspecting over 1.5 billion dollars flowed through the network to the Kremlin.
- Foreign Secretary Yvette Cooper stated 'We are tracking down and shutting off the financial lifelines that sustain Putin's war machine,' warning the government will 'continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks.'
- Britain has now sanctioned more than 3,300 individuals and entities since the invasion began, with authorities claiming $450 billion in cumulative losses to Russia's war economy, as regulators worldwide increase focus on cryptocurrency platforms facilitating transactions outside traditional banking.
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Cryptocurrencies have given the Kremlin loopholes, so Vladimir Putin was able to circumvent various sanctions, which is now to change.
Crypto Billionaire Justin Sun Promises 'Full Compliance' After Crypto Exchange He Backs Sanctioned Over A
HTX (CRYPTO: HTX) advisor Justin Sun assured full legal compliance after the U.K. authorities sanctioned the cryptocurrency exchange on Tuesday for allegedly providing financial services to Russia-based entities. Sun Says ‘Concerns’ Will Be Addressed Sun, a member of the HTX Global Advisory Board, said on X that he’s closely monitoring the proceedings and expressed confidence that the exchange will work with UK agencies to address their concerns…
Hindustan Times
Free Malaysia Today NewsBritain sanctions crypto exchange HTX over Russian support
UK sanctions crypto exchanges and “A7 network” in crackdown on Russian evasion systems
The UK has announced new sanctions targeting cryptocurrency networks and illicit financial channels it says are being used by Russia to bypass existing restrictions and sustain its war economy. Officials said Russia has increasingly turned to “dark networks and shadow financial systems” to move funds around sanctions and maintain access to international payment routes despite growing restrictions imposed by Western countries. Crypto networks and…
There are 18 positions in London's sanctions package.
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