The British government has imposed new financial measures targeting 18 entities and individuals accused of running a Kremlin-linked cryptocurrency system designed to bypass Western sanctions and funnel money to Moscow’s war effort.
Officials in London said the sanctions target a network known as A7, which they described as a Kremlin-backed infrastructure used to move funds, procure military goods, and process proceeds from Russian oil sales. According to the government, this network claimed to have moved more than $90 billion last year—an amount roughly equal to half of Russia’s annual military spending.
The measures, which took immediate effect, include companies and people linked to Russia’s financial sector, as well as those accused of making funds, goods, or technology available to sanctioned Russian actors. Among the listed entities are EXMO Exchange Limited, Rapira Group LLC, Aifory LLC, Bitpapa IC FZC LLC, and Huobi Global S.A. Individuals named include Igor Gorin, Irina Akopyan, Sergey Mendeleev, and Liran Cohen.
British authorities also targeted a major global cryptocurrency exchange suspected of channeling more than $1.5 billion back into Kremlin-linked hands. Additionally, the sanctions extend to a Kyrgyz bank believed to facilitate payments for the A7 network and three Georgian companies operating Russia-focused exchanges.
Foreign Secretary Yvette Cooper said the United Kingdom is working to close the financial routes Russia uses to avoid sanctions, emphasizing there would be “no safe havens” for those enabling Moscow’s aggression.
The move comes amid growing scrutiny of Kyrgyzstan’s role in Russia-related sanctions evasion. Reports have highlighted concerns that cryptocurrency has become one of the routes allowing Russia to continue funding its war despite Western restrictions.
The British government noted that Russia has increasingly turned to “dark networks and shadow financial systems” as sanctions pressure its economy. It said Moscow cut its 2026 growth forecast from 1.3 percent to 0.4 percent and halved its projection for 2027.