U.K. Targets Russian Crypto Networks in Latest Sanctions

• Britain on Tuesday, May 26, 2026, targeted Russia-linked cryptocurrency platforms, banks and financial networks ‌that it said were used to bypass sanctions, freezing their assets and barring United Kingdom (U.K.) 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.
• Britain said it was "tracking down and shutting off" payment routes fuelling Moscow's invasion of Ukraine. In a statement, the Russian embassy in London said the anti-Russian sanctions were unlawful and futile. "Russia has long since adapted to external pressure and will not alter its course on account of London’s whims," the Russian embassy added. "The consequences of these multiplying restrictions will primarily affect the citizens, businesses, and reputation of the United Kingdom itself."
• "We will continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks, and ensure those ‌enabling Russia's ⁠aggression face consequences," foreign minister Yvette Cooper said in a statement.
• The move comes nearly a week after Britain said it would defer a ban on imports of diesel and jet fuel derived ⁠from Russian crude refined in third countries to ease supply pressures, a decision it said was a phased approach rather than any easing of sanctions.

(Source: Reuters)