UK targets Russian crypto networks in latest sanctions
Britain imposes new financial restrictions on Russian-linked entities
Overview of the latest UK sanctions
LONDON, May 26 (Reuters) - Britain on Tuesday targeted Russian-linked cryptocurrency platforms, banks and financial networks it said were used to bypass sanctions, freezing their assets and barring UK firms from processing payments and holding correspondent banking ties.
Focus on "shadow financial systems"
The measures focus on what London described as "shadow financial systems" underpinning Russia's war economy, including the Kremlin-backed A7 network, which it said has been used to route funds, finance procurement and exploit foreign banking systems to evade restrictions.
Targeted entities and jurisdictions
The package also targets crypto exchanges and entities operating Russia-focused platforms, including a Kyrgyz bank and multiple firms registered in jurisdictions including Georgia and the United Arab Emirates, alongside individuals tied to the network.
UK government response and statements
Commitment to enforcement
Britain said it was "tracking down and shutting off" payment routes fuelling Moscow's invasion of Ukraine.
Official statement from the foreign minister
"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," foreign minister Yvette Cooper said in a statement.
Russian embassy reaction
The Russian embassy in London did not immediately respond to a request for comment.
Context and recent developments
Related UK sanctions policy
The move comes nearly a week after Britain said it would defer a ban on imports of diesel and jet fuel derived from Russian crude refined in third countries to ease supply pressures, a decision it said was a phased approach rather than any easing of sanctions.
Reporting and editing credits
(Reporting by Sam Tabahriti; editing by William James)
