The United Kingdom imposed new sanctions on Russian financial and cryptocurrency networks, targeting mechanisms Moscow is believed to use to bypass restrictions and support its war against Ukraine.
In a statement published Tuesday, the UK government said the new measures target crypto exchanges, financial networks and the Kremlin-backed “A7 network,” which it said channels funds into Russia’s war economy.
The UK said the A7 network processed more than $90 billion last year.
“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” Foreign Secretary Yvette Cooper said.
UK officials said the package includes 18 new designations targeting individuals and entities involved in moving funds and supporting Russia’s military industry.
Measures were also imposed on a Kyrgyz bank and several companies linked to cryptocurrency transactions connected to Russia.
Ukraine says another UK sanctions package is coming
Ukraine’s presidential sanctions commissioner Vladyslav Vlasiuk said the UK is preparing another sanctions package focused on Russia’s financial sector.
Speaking to Ukrinform, Vlasiuk said a previous UK package introduced restrictions on uranium trade and export controls on materials used in weapons production.
“The ban on importing, purchasing and transiting Russian uranium through third countries is a direct blow to Rosatom’s revenues and leverage in the Western nuclear energy market,” Vlasiuk said.
He added that export controls were expanded to cover materials used in chips, drones and military electronics.
The earlier package also tightened restrictions on vessels transporting LNG and coal, as well as maritime services linked to Russian exports.
However, Vlasiuk reported that “this is another stage in modernizing the sanctions regime, but far from the final one.”
Sanctions come after criticism over easing energy restrictions
The latest sanctions follow criticism of Britain’s recent decision to ease certain restrictions on Russian energy products.
On Wednesday, the UK allowed imports of fuel refined from Russian crude in third countries, including India and Turkey.
Officials said the move was intended to stabilize energy markets, while critics said it risked weakening pressure on Moscow.