The sanctions target a Kremlin-linked cryptocurrency network and several widely used digital payment services.
The measures are part of a broader effort by Western governments to close financial loopholes that Russia has increasingly benefited from as sanctions pressure intensifies since the start of the war.
Regulators are paying increasing attention to cryptocurrency platforms and cross-border payment systems that can facilitate international transactions outside traditional banking channels.
Britain said the sanctions targeted the A7 cryptocurrency network, which authorities described as a tool to support Russia's war economy and facilitate payments related to Russian oil exports.
British authorities found that entities linked to A7 were actively exploiting Kyrgyzstan's financial system to move funds through cryptocurrencies.
According to the British assessment, in 2025 over USD 90 billion could flow through the network. (PLN 327,852 million at the current exchange rate), which is an amount approximately equal to half of Russia's annual military expenditure.
We detect and cut off the financial lifelines that sustain Putin's war machine. There will be no safe haven for those who enable Russian aggression
British Foreign Secretary Yvette Cooper said in a statement.
In total, the UK imposed sanctions on 14 companies and four individuals.
The entities subject to sanctions included EXMO, a cryptocurrency exchange popular among Russian-speaking investors, and a company related to HTX, formerly known as Huobi. The UK also imposed sanctions on peer-to-peer website Bitpapa, payment system Rapira and several legal entities in Kyrgyzstan, including Eurasian Savings Bank.
The European Union's 20th sanctions package adopted in April also included restrictions on cryptocurrency services related to A7. The EU has additionally banned transactions involving Russian cryptocurrency platforms and imposed measures against the ruble-backed stablecoin.
Since the full invasion of Ukraine, the UK has imposed sanctions on over 3,300 people and entities. The British authorities claim that thanks to this they have already caused USD 450 billion. (PLN 1,640 billion) losses in the Russian war economy, which, according to them, corresponds to approximately four years of war financing.
