The United Kingdom has announced new sanctions aimed at combating the circumvention of restrictions against the Russian Federation through the cryptocurrency sector. The restrictions affect both cryptocurrency platforms and related legal and natural persons.
This is reported by Business • Media
Sanctions against cryptocurrency exchanges and banks
The UK government has expanded the list of sanctions to include cryptocurrency exchanges Grinex and Meer, the Kyrgyz “Capital Bank of Central Asia,” as well as companies Tengricoin, Old Vector, and Altair Holding SA. Personal restrictions have been placed on entrepreneur Leonid Shumakov, who is connected to the stablecoin A7A5, businessman Janishbek Uulu Nazarbek, and the head of “Capital Bank,” Kantemir Kaparbekovich Chalbaev.
According to British authorities, the A7A5 card, issued by the Kyrgyz company Old Vector, was used to transfer $9.3 billion from Garantex to Grinex to evade sanctions. The A7A5 stablecoin was created for companies linked to Moldovan oligarch Ilan Mironovich Shor and the Russian bank “Promsvyazbank,” which is already under international restrictions.
International coordination and increased pressure
The United Kingdom emphasized that the sanctions are aimed at halting financial schemes that may facilitate military support for Russia through cryptocurrency networks
According to the UK sanctions minister, the use of cryptocurrency tools to evade sanctions is “deeply misguided.” The country’s authorities noted that the imposition of sanctions is coordinated with international partners to maintain pressure on Russia and achieve a just peace for Ukraine. The measures were adopted before and after negotiations between Donald Trump and the Russian leader.
Experts point out that the current restrictions include not only sanctions against companies but also personal restrictions, which are expected to complicate the ability to circumvent international rules through digital assets. This policy of the United Kingdom aligns with actions taken by the United States, which has also tightened sanctions against financial structures involved in military supplies to Russia.
As is known, the US authorities recently expanded their sanctions list to include two Russian cryptocurrency exchanges.