UK targets Russian crypto networks in latest sanctions
Key takeaways
- Britain said it was “tracking down and shutting off” payment routes fuelling Moscow’s invasion of Ukraine.
- The Russian embassy in London did not immediately respond to a request for comment.
- Among those sanctioned was Huobi Global S.A., one of the world’s largest crypto exchanges, founded in China in 2013 and now known as HTX.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize LONDON: The United Kingdom (UK) on Tuesday targeted Russia-linked cryptocurrency platforms, banks and financial networks that it said were used to bypass sanctions, freezing their assets and barring UK firms from processing payments and holding 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 had 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, including a Kyrgyz bank and multiple firms registered in jurisdictions including Georgia and the United Arab Emirates, alongside individuals tied to the network.