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International trade

Britain and Russia Engage in Sanctions War Over Ukraine Invasion

Strategic Insights

— 1 min read

Britain and Russia have escalated a sanctions war over Ukraine, with London targeting crypto networks and Kyrgyzstan's financial systems exploited by Moscow to evade sanctions, and Russia retaliating by blacklisting 21 British nationals, including a former deputy foreign secretary. The exchange marks a new phase in the conflict, as Britain continues to pressure Moscow to end the war in Ukraine.

Key Takeaways:

  • Britain has imposed new sanctions targeting crypto networks and Kyrgyzstan's financial systems used by Russia to evade sanctions, adding to the over 2,700 designations already on its sanctions ledger for Russia's war in Ukraine.
  • The sanctions target the Kyrgyzstan-based Capital Bank and its director, Kantemir Chalbayev, who is accused of being used by Russia to pay for military goods.
  • The crypto exchanges Grinext and Meer were blacklisted for their rouble-backed A7A5 cryptocurrency, which has been used to move $9.3 billion, according to London.
  • Russia's foreign ministry has imposed sanctions on 21 journalists and members of NGOs, consulting firms, and the expert community, including former British deputy foreign secretary Denis MacShane, accusing them of spreading disinformation and engaging in hostile lobbying activities.
  • Thousands of people are on the list, including over 2,100 from the United States alone.
  • The sanctions war is part of ongoing efforts to secure an end to Russia's war in Ukraine, with Britain's foreign office saying that "as long as the killing in Ukraine continues, the UK and its allies stand ready to ratchet up pressure on Russia and will continue to strengthen sanctions."

Statistics:

  • Britain has imposed over 2,700 sanctions on Russia for its war in Ukraine.
  • The crypto exchanges Grinext and Meer's rouble-backed A7A5 cryptocurrency has been used to move $9.3 billion.
  • Over 2,100 Americans are on Russia's stop list.
  • Thousands of people are on the list, including British nationals, NGOs, consulting firms, and experts.

Sources:

  • Britain's sanctions minister, Stephen Doughty.
  • Britain's foreign office.
  • Russia's foreign ministry.
  • Denis MacShane, former British deputy foreign secretary.
  • X (social media platform)
  • UPI (United Press International)

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