The UK has imposed a new package of sanctions targeting cryptocurrency networks used by Russia to evade existing restrictions and fund its war in Ukraine. The measures focus on crypto exchanges and the so-called “A7 network”, which the Foreign Office says channels funds to support Moscow’s aggression.
Foreign Secretary Yvette Cooper warned that there would be no “safe havens” for those enabling Russia’s actions. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” she said.
The Foreign Office stated that the “A7” gang uses a Kyrgyz bank suspected of facilitating payments, alongside a major global cryptocurrency exchange believed to have channelled over 1.5 billion dollars (around £1.1 billion) back to the Kremlin. A total of 18 designations come into effect immediately.
This follows criticism of a previous sanctions package that included trade licences allowing imports of jet fuel and diesel refined from Russian crude in third countries. Ministers have denied that this represents a watering down of sanctions, with Sir Keir Starmer insisting the measures go “well beyond” existing restrictions.
