Headlines
UK targets Russian crypto networks and Kyrgyz firms in new sanctions
Published by Global Banking & Finance Review®
Posted on August 20, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 20, 2025
2 min readLast updated: January 22, 2026
The UK has sanctioned Russian crypto networks and Kyrgyz firms to combat sanctions evasion, targeting entities linked to the A7A5 stablecoin.
LONDON (Reuters) -Britain on Wednesday sanctioned financial networks it said were being used by Russia to evade existing Western sanctions, including Kyrgyz crypto networks, as it ramps up pressure on Moscow over the war in Ukraine.
The sanctions against eight individuals and entities also target the infrastructure behind A7A5, a rouble-pegged stablecoin launched in Kyrgyzstan which Britain said had moved $9.3 billion in four months.
"If the Kremlin thinks they can hide their desperate attempts to soften the blow of our sanctions by laundering transactions through dodgy crypto networks – they are sorely mistaken," British sanctions minister Stephen Doughty said.
The measures follow talks in Washington earlier this week between U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskiy and European leaders including British Prime Minister Keir Starmer over the Ukraine conflict.
Britain's sanctions targeted a Luxembourg-based firm and four Kyrgyz entities including Grinex LLC and Old Vector LLC, linked to the infrastructure behind A7A5.
It also sanctioned three people it said were involved in supporting Russia's financial infrastructure, including one linked to a Kyrgyz bank used to pay for military goods, another accused of helping evade sanctions and a third cited for providing services to the Russian state-owned Promsvyazbank.
The U.S. also sanctioned Grinex and Old Vector last week, citing their roles in facilitating sanctions evasion and supporting illicit crypto activity.
(Reporting by Sam Tabahriti; Editing by Sachin Ravikumar)
Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology.
Sanctions are penalties or restrictions imposed by countries or international organizations to influence or punish specific behaviors or actions of individuals or entities.
A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to a reserve of assets, such as fiat currency or commodities.
Financial crime refers to illegal activities that involve the manipulation of financial systems or assets, including fraud, money laundering, and tax evasion.
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