The United Kingdom has introduced a new package of sanctions aimed at restricting the activities of Russian and Kyrgyz financial and cryptocurrency entities. These measures are a response to attempts to circumvent international restrictions imposed on Russia due to its aggression in Ukraine.
This is reported by Finway
Which Companies and Individuals Are Affected by the Sanctions
The sanctions target cryptocurrency exchanges Grinex and Meer, the Kyrgyz “Capital Bank of Central Asia,” as well as platforms Tengricoin, Old Vector, and Altair Holding SA. Among the individuals on the sanctions list are entrepreneur Leonid Shumakov (linked to the stablecoin A7A5), businessman Janishbek Uulu Nazarbek, and the head of “Capital Bank,” Kantemir Kaparbekovich Chalbaev.
According to British authorities, the A7A5 stablecoin card issued by Old Vector was used to transfer $9.3 billion from the Garantex exchange to Grinex in an effort to evade sanctions. The A7A5 stablecoin was specifically created for companies owned by Moldovan oligarch Ilan Mironovich Shor and the Russian “Promsvyazbank,” which is already under international restrictions.
The UK Intensifies Pressure on Russian Cryptocurrency Networks
In addition to companies, the sanctions also affect individuals involved in organizing financial schemes to bypass Western sanctions. In particular, Ilan Shor obtained Russian citizenship after fleeing Moldova in 2019, where he was convicted of bank fraud amounting to one billion dollars.
The introduction of these sanctions is a response to the attempts by the Russian Federation to use cryptocurrency networks to circumvent Western restrictions, which the British sanctions minister described as “deeply misguided.”
The British authorities emphasized close coordination with international partners to strengthen financial pressure on Russia. The main goal of these actions is to cut off funding routes that could be used to support military operations in Russia through cryptocurrency, as well as to contribute to achieving a just and lasting peace in Ukraine.
Experts highlight that the new restrictions affect both companies and individuals to prevent the circumvention of international rules using digital assets. The actions of the United Kingdom align with the policy of the United States, which has also intensified measures against financial instruments related to the provision of military supplies to Russia.