The UK has imposed sanctions against crypto networks helping Russia finance the war against Ukraine

The UK has announced a new package of sanctions against cryptocurrency and financial entities that are helping Russia circumvent Western restrictions and finance the war against Ukraine. This is stated in a press release published on the British government website.

The sanctions included cryptocurrency exchanges, Russian-linked companies, and the A7 network, a Kremlin-backed system that British authorities say was used to evade sanctions, finance military purchases and process oil payments.

British authorities claim that more than $90 billion passed through the A7 network last year. This is approximately half of Russia's annual military spending.

In total, the new package includes 18 sanction designations. The restrictions also affected individuals associated with A7, a bank in Kyrgyzstan that helped process payments for the network, as well as a large international crypto exchange through which more than $1.5 billion could have flowed into Russia. In addition, three Georgian companies that operated Russia-oriented crypto exchanges were sanctioned.

The head of the British Home Office, Yvette Cooper, said that Moscow is trying to use “shadow financial systems” and cryptocurrency networks to circumvent restrictions, but London intends to “close off the financial arteries” supporting the Russian military economy.

The press release also states that the Russian economy continues to come under pressure due to sanctions. British authorities indicate that in May Russia lowered its economic growth forecast for 2026 from 1.3 to 0.4%.

Since the start of Russia's full-scale invasion of Ukraine, the UK has imposed sanctions against more than 3,300 individuals, legal entities and vessels. London estimates that Russia has lost more than $450 billion due to international restrictions.