FCDO sanctions 18 crypto firms and individuals linked to Russia’s sanctions-evasion networks, including HTX, over allegations they helped move $90B into Russia and facilitated $1.5B in suspect transactions

A key target is the A7 network, a group of companies and individuals that reportedly moved $90 billion into Russia’s economy, an amount exceeding half of Russia’s annual military budget. The sanctions also include major crypto exchange HTX, which UK authorities suspect facilitated more than $1.5 billion in transactions linked to Russia through dealings with previously sanctioned entities, including Garantex. The move highlights growing concerns over the use of cryptocurrency networks, stablecoins and alternative payment channels to evade sanctions and finance Russia’s war effort in Ukraine…