London, May 27: The United Kingdom has announced new sanctions against Russia. In response, the Russian embassy in London stated that British officials are failing to recognize that these anti-Russian sanctions are “ineffective.”
According to Russia’s state media agency TASS, “London has once again declared an increase in 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 ineffective.”
The Russian embassy further stated, “Our country has long been adapting to external pressures and will not change its course based on London’s wishes. The increasing sanctions will primarily and most significantly impact British citizens, businesses, and reputation. Clearly, those supporting such efforts are not affected.”
On Tuesday, the UK expanded bans on 18 companies, stating that these firms directly target Russia’s illegal financial infrastructure, which is used for fund transfers, purchasing goods, and continuing its military operations.
According to a press release from the UK government, these bans target cryptocurrency exchanges and the ‘A7 network,’ which Russia allegedly uses to evade existing sanctions and fund its activities against Ukraine. These bans will take effect immediately.
Foreign Secretary Yvette Cooper remarked, “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 circumvent sanctions. We are attacking the infrastructure that supports its war economy, especially as Ukraine intensifies pressure on Russia on the battlefield.”
Meanwhile, the Russian embassy in London pointed out, “It is noteworthy that British officials accuse others of using the ‘OPEC financial mechanism’ while ignoring large cryptocurrency donations that go into the pockets of the local political class. Perhaps the fight against ‘shadow schemes’ should begin in Westminster, not in Bishkek or Tbilisi.”
According to the UK government’s press release, the ‘A7 network’ is a Kremlin-supported system designed to bypass Western sanctions, finance military purchases, and process funds from oil sales to finance attacks against Ukraine. The network claims to have transferred over $90 billion last year, which is nearly half of Russia’s annual military expenditure.
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