Details of the UK cryptocurrency sanctions against Russia have been released.

The United Kingdom announced a new package of sanctions aimed at combating the bypass routes of the Russian economy, which allow avoiding the already existing restrictions. The restrictive measures targeted cryptocurrency exchanges and the financial network through which billions of dollars passed.

According to Vladyslav Vlasiuk, the president of Ukraine’s commissioner on sanctions policy, about 90 billion US dollars passed through the A7 network infrastructure annually. The new sanctions are designed to limit the activities of platforms that Russia used for financial transactions circumventing Western sanctions, purchasing goods, and processing oil and gas revenues.

Among the platforms affected by the sanctions are Rapira Group LLC (Georgia), ABCeX (El Salvador), Aifory LLC (Georgia), EXMO Exchange Limited, ARVIX Limited Liability Company, and Bitpapa IC FZC LLC. Some of these platforms were linked to the sanctioned cryptocurrency exchange Garantex and allowed operations with rubles via P2P schemes.

Additionally, several individuals were added to the sanctions list, including Garantex co-founder Sergey Mendeleev, A7 group deputy directors Igor Goryn and Irina Akopyan, and Israeli citizen Liran Cohen. Furthermore, sanctions are imposed against two Kyrgyz state structures: Eurasian Savings Bank and Virtual Asset Issuer.

Vlasiuk noted that part of the decisions of the new British sanctions package was formed based on materials and proposals presented by Ukraine within the framework of international sanctions coordination. It is important to note that the United Kingdom faced criticism for the recent easing of sanctions in the field of aviation fuel produced from Russian oil, which, according to statements by Chris Bryant, was implemented “clumsily.”