Britain Sanctions Russia-Linked Crypto Networks And Banks
Britain has imposed new sanctions targeting Russia-linked cryptocurrency platforms, banks and financial networks that it says helped Moscow bypass international restrictions linked to the war in Ukraine.
The measures, announced on Tuesday, freeze assets and prohibit UK firms from processing payments or maintaining correspondent banking relationships with the sanctioned entities.
UK Targets Russia’s Shadow Financial Networks
British authorities said the sanctions focus on what they described as “shadow financial systems” supporting Russia’s war economy. Among the primary targets is the Kremlin-backed A7 network, which London accused of helping route funds, finance procurement and exploit foreign banking systems to evade sanctions.
The package also includes restrictions against crypto exchanges and firms operating Russia-focused financial platforms. In addition, the sanctions target a Kyrgyz bank and several companies registered in jurisdictions including Georgia and the United Arab Emirates.
Britain said it was intensifying efforts to identify and disrupt payment channels that support Russia’s invasion of Ukraine.
Russia Rejects Sanctions As Ineffective
The Russian embassy in London criticised the measures, describing the sanctions as unlawful and ineffective.
In a statement, the embassy said Russia had already adapted to external pressure and would not alter its policies because of British actions. It also argued that the growing number of restrictions would damage British businesses, citizens and the country’s international reputation.
British Foreign Secretary Yvette Cooper defended the measures and said the government would continue acting alongside allies to expose and dismantle financial networks linked to Russia’s military operations.
Major Crypto Exchange Included In Sanctions List
Among the entities sanctioned was Huobi Global S.A., one of the world’s largest cryptocurrency exchanges. Founded in China in 2013, the platform now operates under the name HTX.
Britain’s sanctions list alleged that Huobi had provided funds, economic resources, goods or technology to individuals and organisations connected to Russia’s financial sector.
An HTX spokesperson said regulatory compliance remained the company’s highest priority. The spokesperson added that the exchange actively monitored and followed regulations in all jurisdictions where it operates, including the United Kingdom.
Britain’s Financial Conduct Authority filed a lawsuit against HTX last October, accusing the company of unlawfully promoting crypto asset services to British consumers.
Sanctions Follow Fuel Import Policy Delay
The latest sanctions announcement comes less than a week after Britain said it would delay a planned ban on imports of diesel and jet fuel derived from Russian crude refined in third countries.
British officials described the move as part of a phased approach intended to ease supply pressures rather than any relaxation of sanctions against Moscow.
With inputs from Reuters
