based on materials from the site - By Coindoo.com
In a statement on August 20, British officials claimed that Russia is increasingly relying on financial institutions in Kyrgyzstan and opaque cryptocurrency networks to withdraw money abroad, supporting military purchases despite sanctions.
Among the mentioned individuals were the Kyrgyz bank 'Capital' and its director Kantemir Chalbaev, who are considered key players helping Moscow access global markets. The measures also targeted Grinex, a cryptocurrency exchange founded in Russia, which regulators call a direct successor to the sanctioned platform Garantex, previously blacklisted by the US and EU.
Sanctions are imposed on several companies associated with the A7A5 stablecoin, backed by a ruble digital token that has become a primary tool for evading Russian sanctions. A7A5, issued by the Kyrgyz company 'Old Vector' and backed by deposits in the sanctioned bank 'Promsvyazbank', processed transactions worth over $9.3 billion in just four months, according to a Chainalysis report.
The report emphasizes that trading of the token is concentrated on weekdays and primarily circulates in a closed ecosystem of financial services linked to Russia. The main trading platform is Grinex, and liquidity is directly related to Garantex, indicating a clear on-chain connection between the two exchanges.
UK sanctions minister Stephen Doughty stressed the government's determination to thwart Russia's attempts to circumvent restrictions. 'If the Kremlin thinks it can hide its desperate efforts to soften the blow of our sanctions by laundering transactions through dubious cryptocurrency networks, they are deeply mistaken,' Doughty stated. 'These sanctions increase pressure on Putin at a critical moment and curb the activities of illegal networks used to funnel money into his military treasury.'
This move reflects recent steps taken by the US Department of the Treasury's Office of Foreign Assets Control (OFAC), which also imposed sanctions against Russian organizations linked to tax evasion attempts using cryptocurrencies. As both the UK and the US increasingly focus on blockchain activity related to Moscow, regulators signal that crypto assets like A7A5 have now become a major battleground in the extensive sanctions war against Russia.
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