London, May 26 (IANS) The Russian Embassy in London on Tuesday said that British authorities failed to accept that anti-Russian sanctions are ‘pointless’, local media reported.
“London has once again announced the expansion of illegal restrictions against Russia—this time under the trumped-up pretext of combating certain ‘cryptocurrency networks.’ The British authorities stubbornly refuse to accept the obvious: anti-Russian sanctions are pointless,” stated the Russian Embassy in London, Russia’s state-owned media Tass news agency reported.
The Embassy further noted that “Our country has long and successfully adapted to external pressure and will not change its course based on London’s whims. The consequences of these mounting restrictions will be felt, first and foremost, by the citizens, businesses, and reputation of the United Kingdom itself. This, apparently, is of little concern to the proponents of such initiatives.”
The UK earlier on Tuesday expanded sanctions on 18 companies, saying they directly target Russia’s illicit financial infrastructure used to move funds, procure goods, and sustain its war.
According to the UK government’s press release, the sanctions target cryptocurrency exchanges and the ‘A7 network’, used by “Russia to evade existing restrictions and channel funds to fuel its barbaric war against Ukraine.” These sanctions will come into force immediately.
Foreign Secretary Yvette Cooper said, “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken. The UK is adapting and strengthening our approach to target the evolving tactics Russia is using to evade restrictions. We are going after the infrastructure that underpins its war economy at the same time as Ukraine is increasing the pressure on Russia on the battlefield.”
Meanwhile, the Russian Embassy in London said that “It’s noteworthy that the British authorities accuse others of using ‘opaque financial mechanisms,’ while ignoring the generous cryptocurrency donations that end up in the pockets of the local political class. Perhaps the fight against ‘shadow schemes’ should begin with Westminster, not Bishkek or Tbilisi.”
According to the UK government’s press release, “the A7 network is a Kremlin-backed system designed to bypass Western sanctions, finance military procurement, and process funds from the sale of oil to fund its war economy. The network claimed to have moved more than $90 billion last year – equivalent to roughly half of Russia’s yearly military expenditure.”
–IANS
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