Published by Global Banking and Finance Review
Posted on August 20, 2025
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)
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