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UK cracks down on Russia's attempts to avoid sanctions by
exploiting Kyrgyz financial systems and crypto networks,
building on over 2700 existing UK sanctions against
Russia.
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Action comes after the United States announced similar
measures, demonstrating shared commitment to crack down on
sanctions circumvention.
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With US-led talks ongoing, the UK and our allies remain
united in pursuit of a just and lasting peace in Ukraine.
Today's action comes as the UK and international allies redoubled
efforts to secure a just and lasting peace in Ukraine.
With sanctions continuing to bite, Russia has turned to the
Kyrgyz financial sector to channel money through opaque financial
networks, including through the use of cryptocurrencies. These
networks have created a convoluted scheme to evade sanctions
imposed by the UK and its partners.
Today's action closes in on the Kyrgyzstan-based Capital Bank,
and its director Kantemir Chalbayev, which Russia uses to pay for
military goods. Sanctions also hit the Grinex and Meer
cryptocurrency exchanges, the infrastructure behind a new
rouble-backed cryptocurrency token A7A5, which has moved $9.3bn
on a dedicated crypto exchange in just four months and is
specifically designed as an attempt to evade western
sanctions.
Keeping up the pressure on Russia's war machine is vital to
reinforcing President Trump's efforts to stop the killing in
Ukraine and force Putin to engage in meaningful talks. It is
also a crucial step for security in the UK and beyond.
Keeping the British people safe is this government's number one
priority and is an integral part of the Prime Minister's Plan for
Change.
Sanctions Minister, said:
If the Kremlin thinks they can hide their desperate attempts to
soften the blow of our sanctions by laundering transactions
through dodgy crypto networks – they are sorely mistaken.
These sanctions keep up the pressure on Putin at a critical time
and crack down on the illicit networks being used to funnel money
into his war chest.
Alongside our allies, we will continue to support the US-led
drive to end this illegal war and secure a just and lasting
peace.
The sanctions come after the Prime Minister, European leaders,
President Zelenskyy and President Trump met in Washington this
week in pursuit of a just and lasting peace for
Ukraine.
As long as the killing in Ukraine continues, the UK and its
allies stand ready to rachet up pressure on Russia and will
continue to strengthen sanctions.
These new sanctions will close the net around illicit money
schemes and demonstrate our resolve to crack down on
international sanctions evasions mechanisms which are helping to
bankroll the invasion of Ukraine, wherever they are found.
Background
The full list of today's sanctions targets are as follows:
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GRINEX LLC
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CJSC TENGRICOIN
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OLD VECTOR LLC
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LEONID SHUMAKOV
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KANTEMIR KAPARBEKOVICH CHALBAYEV
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OJSC CAPITAL BANK OF CENTRAL ASIA (Capital Bank)
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ZHANYSHBEK UULU NAZARBEK
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ALTAIR HOLDING SA
