UK sanctions Kyrgyz banks, $9.3B crypto network tied to Russia

The UK sanctioned Kyrgyz banks, crypto exchanges and individuals tied to Russia’s ruble-backed stablecoin.

The United Kingdom imposed sanctions on Kyrgyzstan’s financial sector and crypto networks it said were used by Russia to bypass Western restrictions, targeting an alleged $9.3 billion, ruble-backed stablecoin operation.

The new measures build on more than 2,700 existing UK sanctions against Russia and follow a similar move last week by the United States, the UK government said in a Wednesday announcement.

Among those sanctioned was Capital Bank of Central Asia and its director, Kantemir Chalbayev, which the UK claims Russia used to finance military goods. Two Kyrgyz crypto exchanges, Grinex and Meer, were also blacklisted, along with entities tied to the infrastructure supporting the A7A5 stablecoin.

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