Express
UK sanctions Kyrgyz bank and Russian-related crypto networks
Summary: According to reports, the UK government has announced sanctions on the Kyrgyz financial sector and crypto networks related to Russia, targeting a $9.3 billion ruble-backed stablecoin operation. Sanctioned entities include Capital Bank of Central Asia and its director Kantemir Chalbayev, as well as two Kyrgyz crypto exchanges Grinex and Meer. The UK accuses Russia of ...
According to reports, the UK government has announced sanctions on the Kyrgyz financial sector and crypto networks related to Russia, targeting a $9.3 billion ruble-backed stablecoin operation. Sanctioned entities include Capital Bank of Central Asia and its director Kantemir Chalbayev, as well as two Kyrgyz crypto exchanges Grinex and Meer.
The UK accuses Russia of using these institutions to bypass Western sanctions and trade using the A7 A5 stablecoin, which processed $9.3 billion in transactions in four months. The UK sanctions list also includes entities like Altair Holding in Luxembourg, CJSC Tengricoin, and individuals related to the networks.
Kyrgyz President Sadyr Japarov has opposed the sanctions, denying that the country's banks help Russia evade sanctions, and emphasizing Kyrgyzstan's commitment to international obligations while protecting its own economic interests.
