Britain has rolled out penalties aimed at Kyrgyz banks and digital asset services, which were being used by Russia to get around Western limits.
At the core of the action is A7A5, a ruble-based token that officials say processed $9.3 billion in four months and was meant to work as a replacement for Russia’s currency in on-chain form.
The UK government explained that this step is part of its continuing program of more than 2,700 measures already targeting Moscow.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Cardano in Crypto? (Easily Explained!)
One of the main institutions now under restriction is Capital Bank of Central Asia. Its head, Kantemir Chalbayev, was included in the sanctions list after claims that the bank was helping channel funds for items with military applications.
Two Kyrgyz crypto trading sites, Grinex and Meer, were also blocked. Officials said these exchanges formed part of the pathways that made it possible for sanctioned money to flow.
Entities tied to A7A5’s infrastructure were also named. Among them were Luxembourg-based Altair Holding, CJSC Tengricoin, Old Vector, as well as A7A5’s director Leonid Shumakov. A number of other individuals connected to the project were included as well.
Sanctions Minister Stephen Doughty said:
If the Kremlin thinks they can hide their desperate attempts to soften the blow of our sanctions by laundering transactions through dodgy crypto networks, they are sorely mistaken.
Meanwhile, Jeju City, the administrative hub of South Korea’s largest island, started using cryptocurrency to collect overdue taxes. How? Read the full story.
