Britain on Tuesday imposed new sanctions targeting Russian-linked cryptocurrency platforms, banks, and financial networks that it said were being used to evade existing restrictions. The measures freeze assets and prohibit UK companies from processing payments or maintaining correspondent banking relationships with the targeted entities.
Focus on Shadow Financial Systems
The sanctions specifically target what London described as 'shadow financial systems' that underpin Russia's war economy. Among the entities targeted is the Kremlin-backed A7 network, which according to British authorities has been used to route funds, finance procurement, and exploit foreign banking systems to circumvent sanctions.
Additional Targets
The package also includes crypto exchanges and other entities operating Russia-focused platforms, as well as individuals linked to the network. Britain stated it is 'tracking down and shutting off' payment routes that fuel Moscow's invasion of Ukraine.
Foreign Minister Yvette Cooper said in a statement: '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.'
The latest sanctions demonstrate the UK's ongoing commitment to closing loopholes used by Russia to bypass international financial restrictions imposed since the invasion of Ukraine.
