British foreign secretary told to impose new measures as ruble-pegged cryptocurrency A7A5 is supported in country
More than 20 MPs and peers have called on the foreign secretary to take action against institutions and individuals in Kyrgyzstan allegedly facilitating large-scale Russian sanctions evasion.
They urged the UK to levy personal sanctions against three top Kyrgyz officials for their alleged role in facilitating Russian sanctions evasion more broadly, and more specifically for allowing Kyrgyzstan to host infrastructure supporting the cryptocurrency A7A5.
A7A5 is a stablecoin that is pegged to the ruble and has now facilitated more than $100bn in transactions.
It is linked to the Russian bank Promsvyazbank, which has been placed under sanctions by the UK. The UK, EU and US have imposed sanctions on A7A5, and it is not possible to buy it in the UK, the US and most of Europe. However, exchanges in Kyrgyzstan – including with Grinex and Meer, now under sanctions – have allowed the purchase of A7A5 with cash.
