UK sanctions Kyrgyz crypto networks and banks accused for allegedly helping Russia evade sanctions
The post UK sanctions Kyrgyz crypto networks and banks accused for allegedly helping Russia evade sanctions appeared on BitcoinEthereumNews.com. The United Kingdom has imposed a fresh wave of sanctions on Kyrgyz financial institutions and cryptocurrency networks, which are accused of helping Russia evade Western sanctions. The measures, aligned with ongoing US efforts, focus on entities funneling money for the war in Ukraine, supporting Kremlin operations abroad, and backing the Russian ransomware ecosystem. The sanctions come shortly after US officials renewed restrictions on several crypto exchanges, including those providing infrastructure for Kyrgyz-based token A7A5, described by the British government as “specifically designed to evade Western sanctions.” Sanctions freeze billions in assets linked to Kremlin money flows Britain’s sanctions target Old Vector, the Kyrgyz company issuing A7A5, which has “processed over $51.17 billion” since its launch, according to Chainalysis. Additional measures target Capital Bank and its director, Kantemir Chalbayev, which the UK says Russia uses to pay for military goods. All UK-based assets of the sanctioned entities are frozen. UK sanctions minister Stephen Doughty warned that the Kremlin was using “dodgy crypto networks” to fund its war efforts. He said the measures aim to “keep up the pressure on Putin at a critical time and crack down on illicit networks funneling money into his war chest.” Research from the Organized Crime and Corruption Reporting Project (OCCRP) links the sanctioned entities to George Rossi, believed by the National Crime Agency to be a central figure in a Russian money-laundering network connected to drug traffickers, cybercriminals, Moscow elites evading sanctions, and even Kremlin espionage operations. The UK’s move also complements earlier US sanctions against Keremet Bank by targeting Altair Holding, a Luxembourg-based firm that acquired bank control last year. While US sanctions carry the most weight due to dollar-based transactions clearing through New York, the British measures block access to London’s financial and legal services. “If the Kremlin thinks they can hide their…
The post UK sanctions Kyrgyz crypto networks and banks accused for allegedly helping Russia evade sanctions appeared on BitcoinEthereumNews.com.
The United Kingdom has imposed a fresh wave of sanctions on Kyrgyz financial institutions and cryptocurrency networks, which are accused of helping Russia evade Western sanctions. The measures, aligned with ongoing US efforts, focus on entities funneling money for the war in Ukraine, supporting Kremlin operations abroad, and backing the Russian ransomware ecosystem. The sanctions come shortly after US officials renewed restrictions on several crypto exchanges, including those providing infrastructure for Kyrgyz-based token A7A5, described by the British government as “specifically designed to evade Western sanctions.” Sanctions freeze billions in assets linked to Kremlin money flows Britain’s sanctions target Old Vector, the Kyrgyz company issuing A7A5, which has “processed over $51.17 billion” since its launch, according to Chainalysis. Additional measures target Capital Bank and its director, Kantemir Chalbayev, which the UK says Russia uses to pay for military goods. All UK-based assets of the sanctioned entities are frozen. UK sanctions minister Stephen Doughty warned that the Kremlin was using “dodgy crypto networks” to fund its war efforts. He said the measures aim to “keep up the pressure on Putin at a critical time and crack down on illicit networks funneling money into his war chest.” Research from the Organized Crime and Corruption Reporting Project (OCCRP) links the sanctioned entities to George Rossi, believed by the National Crime Agency to be a central figure in a Russian money-laundering network connected to drug traffickers, cybercriminals, Moscow elites evading sanctions, and even Kremlin espionage operations. The UK’s move also complements earlier US sanctions against Keremet Bank by targeting Altair Holding, a Luxembourg-based firm that acquired bank control last year. While US sanctions carry the most weight due to dollar-based transactions clearing through New York, the British measures block access to London’s financial and legal services. “If the Kremlin thinks they can hide their…
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