The UK sanctions Kyrgyz Bank and Russia-related cryptocurrency networks

ChainCatcher news, according to a UK government announcement, the UK has imposed sanctions on Kyrgyzstan's financial sector and cryptocurrency networks related to Russia, targeting operations involving a $9.3 billion ruble-backed stablecoin. The sanctioned entities include Capital Bank of Central Asia and its director Kantemir Chalbayev, as well as two Kyrgyz cryptocurrency exchanges, Grinex and Meer.

The UK accuses Russia of using these institutions to circumvent Western sanctions and conducting transactions using the A7 A5 stablecoin, which processed $9.3 billion in transactions within four months. The UK's sanctions list also includes entities such as Altair Holding in Luxembourg and CJSC Tengricoin, as well as individuals linked to the networks.

Kyrgyz President Sadyr Japarov expressed opposition to this, denying that the country's banks assist Russia in evading sanctions, and emphasized that Kyrgyzstan will adhere to international obligations while protecting its economic interests.