The UK has imposed sanctions on a cryptocurrency network through which Russia laundered $90 billion
This is according to Reuters.
The A7 network has come under the spotlight – a system that the British authorities describe as the Kremlin’s ‘shadow financial infrastructure’. According to London’s estimates, it was through this network that payments for oil, purchases for the Russian defence industry and operations to circumvent sanctions could have been channelled.
According to the British side, over $90 billion passed through A7 last year alone – roughly half of Russia’s entire annual military budget.
The following have also been hit by sanctions:
- cryptocurrency exchanges and trading platforms targeting the Russian market;
- companies from Georgia and the UAE;
- a bank in Kyrgyzstan which, according to London, helped facilitate payments for Russian schemes;
- individuals linked to the A7 network.
The British government has frozen the assets of the sanctioned entities and prohibited British companies from conducting any financial transactions with them.
The UK Home Secretary, Yvette Cooper, stated that Russia is currently actively using cryptocurrencies and ‘shadow financial systems’ to circumvent international restrictions, but London intends to ‘cut off the financial arteries’ that feed the Russian war economy.
Western countries are currently paying particular attention to Central Asia. In recent years, this region has become one of the main routes for circumventing sanctions – via banks, intermediaries and crypto platforms.
The British government also noted that the pressure of sanctions continues to hit the Russian economy: Moscow has already lowered its economic growth forecast for 2026 from 1.3% to 0.4%.
Since the start of the full-scale invasion, Britain has imposed sanctions on over 3,300 Russian individuals and entities. London estimates Russia’s total losses from international restrictions at more than $450 billion.
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