The UK has imposed sanctions on Kyrgyz banks and Russian-related cryptocurrency networks, involving an $9.3 billion ruble stablecoin operation

According to reports from HashChain, the UK government has announced sanctions against Kyrgyzstan's financial sector and cryptocurrency networks related to Russia, targeting a ruble-backed stablecoin operation valued at $9.3 billion. The sanctions list includes Central Asia Capital Bank and its directors, as well as two cryptocurrency exchanges in Kyrgyzstan. The UK accuses Russia of circumventing Western sanctions through these entities and using the A7A5 stablecoin for transactions. This token has achieved a total trading volume of $9.3 billion in just four months. The list also includes certain entities and individuals related to Luxembourg. The President of Kyrgyzstan opposes these sanctions, insisting that the country has not assisted Russia in evading sanctions and emphasizing that Kyrgyzstan will fulfill its international obligations and protect its economic interests.