London, May 26: The United Kingdom has announced new sanctions against Russia, with the Russian embassy in London stating that British officials have failed to recognize that these anti-Russian measures are “ineffective.”
According to Russia’s state media agency TASS, “London has once again declared the expansion of illegal sanctions against Russia, this time under the false pretext of addressing certain ‘cryptocurrency networks.’ British officials refuse to acknowledge that the sanctions against Russia are futile.”
The Russian embassy further stated, “Our country has long been adapting to external pressures and will not change its course based on London’s whims. The increasing sanctions will primarily and most adversely affect the citizens, businesses, and reputation of the UK. Clearly, those supporting such attempts are not significantly impacted.”
On Tuesday, the UK expanded bans on 18 companies, claiming these firms directly target Russia’s illegal financial infrastructure, which is used for fund transfers, purchasing goods, and sustaining its military efforts.
According to a press release from the UK government, these bans target cryptocurrency exchanges and the ‘A7 network,’ which Russia allegedly uses to evade current sanctions and fund its war against Ukraine. These bans will take immediate effect.
Foreign Secretary Yvette Cooper stated, “If the Kremlin believes it can evade our sanctions by hiding behind cryptocurrency networks and shadow financial systems, it is making a grave mistake. The UK is adapting and strengthening its approach to target new methods being used to evade sanctions, attacking the infrastructure that supports its war economy at a time when Ukraine is applying pressure on Russia on the battlefield.”
Meanwhile, the Russian embassy in London noted, “It is noteworthy that British officials accuse others of using the ‘OPEC financial mechanism’ while ignoring large cryptocurrency donations that line the pockets of the local political class. Perhaps the fight against ‘shadow schemes’ should start from Westminster, not Bishkek or Tbilisi.”
According to the UK government’s press release, the A7 network is a Kremlin-backed system designed to bypass Western sanctions, finance military purchases, and process funds from oil sales to support attacks against Ukraine. The network claims to have transferred over $90 billion last year, which is nearly half of Russia’s annual military expenditure.