UK targets Russian crypto networks in latest sanctions

LONDON, May 26 (Reuters) - Britain on Tuesday targeted Russian-linked ​cryptocurrency ‌platforms, banks and financial networks it said ⁠were used to bypass ⁠sanctions, freezing their assets ​and barring UK firms from processing payments or maintaining correspondent banking ties.

The measures ​focus ‌on what London described as "shadow financial systems" underpinning Russia’s war economy, including the Kremlin-backed A7 network, which ​it said has been used to route ‌funds, finance procurement and exploit foreign banking systems to evade ‌restrictions.

The package also targets crypto exchanges and entities operating Russia-focused platforms, alongside individuals ​tied to the network.

Britain said it was "tracking down and ‌shutting off" payment routes fuelling Moscow's invasion of Ukraine.

"We will continue to ⁠act fast ⁠and decisively, alongside ‌our allies, to expose, disrupt and dismantle these networks, ​and ensure ​those enabling Russia’s aggression ‌face consequences," foreign minister Yvette Cooper said in a statement. (Reporting by Sam Tabahriti; editing by William James)