More than 20 UK MPs and peers have called on the Foreign Secretary to impose sanctions on three senior Kyrgyz officials for allegedly facilitating Russian sanctions evasion, particularly through the ruble-pegged cryptocurrency A7A5. The stablecoin has processed over $100bn in transactions and is linked to the sanctioned Russian bank Promsvyazbank.
The letter urges personal sanctions against Melis Turgunbaev, head of Kyrgyzstan's central bank; Maksat Asanaliev, the general prosecutor; and Marat Pirnazarov, head of the financial regulations authority. It claims that Kyrgyz institutions have enabled A7A5 to operate, allowing sanctioned Russian entities to access funds.
Chris Coghlan, Liberal Democrat MP for Dorking and Horley, said: "The British government needs to shut down these loopholes now. This is one mechanism that Russia is using to finance its brutal war of aggression in Ukraine." Former Conservative leader Iain Duncan Smith added: "Targeted sanctions must be used to ensure that those who are enabling Russia's illegal war machine are held accountable."
Cryptocurrency expert Alexander Browder noted that A7A5 is "specifically designed for aiding sanctions evasion technology" and is controlled by Russian-backed entities. The UK, EU, and US have already sanctioned A7A5, but exchanges in Kyrgyzstan, including Grinex and Meer (now under UK sanctions), have allowed its purchase with cash.
The letter argues that while the UK sanctioned some Kyrgyz entities last year, senior officials must also be held accountable. It states that A7A5 continues to operate due to cooperation from Kyrgyz financial authorities, which registered the cryptocurrency. The Foreign Office and the named officials have been approached for comment.
