UK Sanctions Russian-Linked Crypto Firms in Kyrgyzstan Over $9.3B Evasion Scheme

Britain has imposed sanctions on eight entities, including Kyrgyz crypto networks Grinex LLC and Old Vector LLC, for allegedly facilitating Russia's evasion of Western sanctions. The targeted infrastructure supports A7A5—a ruble-pegged stablecoin that moved over $9.3 billion in four months.

The action follows trilateral discussions between US, Ukrainian, and European leaders on the Ukraine conflict. Sanctions minister Stephen Doughty warned: "The Kremlin cannot soften our sanctions by laundering transactions through dodgy crypto networks."

Research by OCCRP connects the sanctioned entities to George Rossi, a figure previously flagged by the National Crime Agency. The US had already blacklisted Grinex and Old Vector last week for enabling illicit crypto activity.