The UK has imposed sanctions on Kyrgyzstan’s financial sector and crypto networks allegedly used by Russia to circumvent Western restrictions, specifically targeting a $9.3 billion ruble-backed stablecoin operation. The sanctions include Capital Bank of Central Asia and its director, along with two Kyrgyz crypto exchanges, Grinex and Meer, linked to the A7A5 stablecoin's infrastructure. The UK claims this stablecoin processed $9.3 billion in transactions within four months, aimed at undermining Western sanctions. In response, Kyrgyz President Sadyr Japarov denied that any banks in the country were facilitating such activities, stating that only the state-owned Keremet Bank would accept the Russian ruble to avoid sanctions. Japarov emphasized Kyrgyzstan's readiness to comply with international obligations while advocating for the country’s economic interests.

Source 🔗