The United Kingdom announced new sanctions against Russia on Tuesday, May 26, targeting cryptocurrency networks used to bypass existing restrictions imposed by London.
The package includes 18 measures aimed at financial infrastructure that British authorities describe as illegal and used to transfer funds, purchase goods, and support Russia’s war effort in Ukraine.
In particular, the measures target the A7 network, linked to Ilan Shor and launched by the Russian bank Promsvyazbank. Reports say the network uses financial systems in Kyrgyzstan to channel funds into Russia’s war economy.
A UK Foreign Office statement said the country is leading international efforts to adapt sanctions and close payment routes that support Russia’s military operations.
Foreign Office minister Yvette Cooper said the UK will continue working with allies to dismantle such networks, adding that there will be “no safe havens” for those involved.
She also warned that attempts to bypass sanctions through cryptocurrency systems and opaque financial structures would fail.
British authorities said the A7 network allegedly used a Kyrgyzstan-based bank suspected of facilitating payments, as well as a global cryptocurrency platform through which more than $1.5 billion was reportedly routed toward Kremlin-linked structures.
Separately, London is investigating three companies in Georgia that allegedly attempted to circumvent international sanctions through currency exchange platforms.
To date, the UK has sanctioned more than 3,300 individuals, companies, and vessels accused of supporting Moscow. Officials estimate that Russia has lost over $450 billion due to international sanctions, which they say is equivalent to roughly four years of war funding.
Officials also described A7 banknotes linked to Promsvyazbank and Ilan Shor as resembling Monopoly money but still being used in international transaction schemes connected to Moscow, despite Russia’s exclusion from the SWIFT system.