The UK Treasury’s Office of Sanctions has expanded the list of sanctioned companies from Georgia as part of sanctions imposed against Russia, adding three crypto companies to the list, the UK government announced.
“The new measures also target 18 companies and individuals linked to A7. The group uses a Kyrgyz bank suspected of facilitating payments for the network, as well as a major global cryptocurrency exchange that we believe has transferred over $1.5 billion to the Kremlin’s coffers. We are also targeting three Georgian companies that operate exchanges focused on Russia to circumvent sanctions,” according to a statement on the UK government’s website.
According to the document, sanctions have been imposed on Georgia-registered companies providing crypto wallet and cryptocurrency exchange services: Arvix LLC, Rapira Group LLC, and Aifory LLC.
Earlier reports indicated that on Tuesday, UK authorities added 18 individuals and companies to the sanctions list, which Russia allegedly uses to circumvent sanctions previously imposed by London.
A statement released by the UK Treasury notes that “cryptocurrency and illicit financial networks used by Russia to circumvent UK sanctions are under close scrutiny.”
“The new sanctions also target the A7 network, which actively uses Kyrgyzstan’s financial systems to redirect funds into the Russian economy,” the document states.
The measures against crypto companies mark the second instance of the UK government imposing sanctions on Georgian legal entities. Earlier, it was reported that on February 24, the UK government imposed sanctions against the Georgian TV companies Imedi TV and PosTV as part of a package of sanctions against Russia.
