Take action over officials in Kyrgyzstan ‘helping Russia evade sanctions’, MPs and peers say
Summary
More than 20 UK MPs and peers have asked the government to sanction Kyrgyz officials who are accused of helping Russia avoid sanctions linked to its war in Ukraine. They want to punish Kyrgyz leaders for allowing the country to host operations supporting A7A5, a Russian-linked cryptocurrency used to bypass financial restrictions.Key Facts
- MPs and peers want the UK to sanction three top Kyrgyz officials: Melis Turgunbaev (central bank head), Maksat Asanaliev (general prosecutor), and Marat Pirnazarov (financial regulator head).
- A7A5 is a stablecoin tied to the Russian ruble, linked to Promsvyazbank, a Russian bank under UK sanctions.
- A7A5 has facilitated over $100 billion worth of transactions and moves more than a billion dollars daily.
- The cryptocurrency is banned for purchase in the UK, US, and most of Europe but is still traded in Kyrgyzstan through local exchanges like Grinex and Meer, which are also sanctioned.
- A7A5 allows sanctioned Russian individuals and groups to access the global financial system through trading with other cryptocurrencies.
- The UK previously sanctioned some Kyrgyz entities related to A7A5 but MPs say this is not enough without sanctioning senior officials.
- Kyrgyzstan’s cooperation has helped A7A5 continue operating, making it a key tool for Russia to evade sanctions.
- The UK Foreign Office and all named Kyrgyz officials were asked for comments but no response was noted in the article.
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