The UK has imposed new sanctions on multiple cryptocurrency exchanges, accusing them of aiding Russia to circumvent trade restrictions

BlockBeats News, May 27th, the UK announced a new round of sanctions against multiple cryptocurrency exchanges, P2P trading services, and shadow financial networks, accusing them of assisting Russia in circumventing Western trade restrictions and providing a funding channel for war financing.

The blacklisted entities include EXMO Exchange, Bitpapa, Rapira, Nueva Cryptologia, among others. The UK authorities stated that these platforms are linked to the Kremlin-backed "A7" payment network, which reportedly processed over $90 billion in fund flows last year, used for Russian oil export settlements and military procurement financing.

The new sanctions include global asset freezes, bans on UK financial institutions providing services, and restrictions on the operations of the affected platforms in multiple countries. The regions involved also include transit areas such as Kyrgyzstan, Georgia, Panama, and the UAE.

The UK government stated that this action aims to cut off Russia's "shadow financial infrastructure" that uses cryptocurrency assets for cross-border payments and sanctions evasion.