UK targets Russian crypto networks in latest sanctions

LONDON: 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 ‌or maintaining correspondent banking ‌ties.
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.
The package ‌also targets crypto exchanges and entities operating Russia-focused platforms, alongside individuals tied to the network.
Britain said ‌it was “tracking down and shutting off” payment routes ⁠fueling ⁠Moscow’s invasion of Ukraine.
“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.