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.
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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.
According to the UK government, A7A5 processed $9.3 billion worth of transactions in just four months. Designed to mimic the ruble onchain, the token was described as a direct attempt to undermine Western sanctions.A7A5 releases reserve data on X. Source: A7A5
The list of sanctioned entities also included Luxembourg-based Altair Holding, CJSC Tengricoin, Old Vector, A7A5 director Leonid Shumakov and several individuals linked to the network.
“If the Kremlin thinks they can hide their desperate attempts to soften the blow of our sanctions by laundering transactions through dodgy crypto networks — they are sorely mistaken,” UK Sanctions Minister Stephen Doughty said.
Last week, the US Treasury’s Office of Foreign Assets Control (OFAC) redesignated Garantex. It also sanctioned Grinex, along with three executives and six Russia- and Kyrgyz Republic-based firms, accusing them of facilitating illicit transactions.
On Thursday, Kyrgyz President Sadyr Japarov pushed back against London’s decision, warning against politicising the economy, according to a report by Reuters. He denied that any of the country’s 21 banks were helping Russia skirt sanctions.
“To prevent any of them from falling under sanctions, we have decided that only the state-owned Keremet Bank will work with the Russian ruble,” Japarov said. Keremet Bank was sanctioned by Washington earlier this year for serving as a hub for Russian trade payments.
Japarov maintained that Kyrgyzstan was prepared to comply with international obligations. “I will not allow the interests of our citizens and the trade and economic development of the country to be reduced to nothing,” he said.
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Israel’s Evolution: From Startup Nation To Crypto Nation
ByTomer Niv,Contributor. Tomer Niv is a Tel Aviv-based investor focused on crypto and Web3.Follow Author
Jul 09, 2025, 04:51pm EDTShareSaveComment
In a landmark event at the Israeli parliament, the Knesset, titled “A Crypto Strategy for Israel – A Growth Engine for the Israeli Economy,” members of parliament, regulators, entrepreneurs, and industry leaders gathered to unveil the final report of Israel’s National Committee for Crypto Strategy. After months of intensive work, the committee presented a roadmap aiming to transform Israel into a global crypto powerhouse — but only if the government acts swiftly.
And what does China do?
What is the Chinese Government Saying About Cryptocurrency?
By implementing the recent ban on cryptocurrency, the Chinese government is reaffirming its commitment to centralizing financial control and promoting the use of its state-backed digital currency, the yuan. Its current focus is on:
Outlawing private ownership of crypto
Accelerating the adoption of central bank digital currency (CBDC)
Nov 2nd 2025, 60 Minutes programme, CBS, showed an interview with President Trump, badly edited:
O’DONNELL: Why did you pardon Changpeng Zhao? TRUMP: Are you ready? I don’t know who he is. O’DONNELL: His crypto exchange, Binance, helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin. And then you pardoned him. TRUMP: Here’s the thing. I know nothing about it.
Retired, living in the Scottish Borders after living most of my life in cities in England. I can now indulge my interest in all aspects of living close to nature in a wild landscape. I live on what was once the Iapetus Ocean which took millions of years to travel from the Southern Hemisphere to here in the Northern Hemisphere. That set me thinking and questioning and seeking answers.
In 1998 I co-wrote Millennium Countdown (US)/ A Business Guide to the Year 2000 (UK) see https://www.abebooks.co.uk/products/isbn/9780749427917
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