London is cracking down on Russian financial networks and targeting cryptocurrency platforms.

The United Kingdom announced on Tuesday a new round of sanctions against financial networks linked to Russia, targeting in particular cryptocurrency platforms accused of helping Moscow circumvent Western restrictions imposed since the start of the war in Ukraine.

The new sanctions package targets 18 entities and individuals associated with what London describes as "shadow banking systems" supporting the Russian war economy. The measures include freezing assets and prohibiting British companies from making certain payments or maintaining correspondent banking relationships with the targeted entities.

Among the targeted organisations is the A7 network, described by British authorities as a Kremlin-backed system used to transfer funds, finance purchases and exploit foreign banking networks to evade international sanctions.

The British government has also taken action against several cryptocurrency exchanges operating in the Russian market. The HTX platform, formerly known as Huobi, is among those targeted.

The sanctions also target a Kyrgyz bank and several companies registered in Georgia and the United Arab Emirates, suspected of participating in these financial networks. London believes these networks allow Russia to maintain economic flows despite Western restrictions.

British Foreign Secretary Yvette Cooper stated that the UK would continue to work with its allies to "expose, disrupt and dismantle" the financial mechanisms supporting the Russian war effort.

These new sanctions are part of a broader strategy by Western countries to limit Moscow's financial capabilities and prevent the use of cryptocurrencies or offshore structures to circumvent international economic measures.