The UK sanctions Kyrgyz Financial Institution involved in $9.3 billion stablecoin transactions.

[Chain News] PANews, August 21 - According to an announcement by the UK government, the UK has imposed sanctions on Kyrgyzstan's financial sector and related encryption networks connected to Russia, targeting a ruble-backed stablecoin operation valued at $9.3 billion. The sanctioned entities include Capital Bank of Central Asia and its director Kantemir Chalbayev, as well as two Kyrgyz cryptocurrency exchanges Grinex and Meer. The UK accuses Russia of using these institutions to circumvent Western sanctions and conducting transactions using the A7A5 stablecoin, which processed $9.3 billion in transactions within four months. The UK sanctions list also includes entities such as Altair Holding in Luxembourg and CJSC Tengricoin, along with individuals related to the network. Kyrgyz President Sadyr Japarov opposed this, denying that the country's banks assist Russia in evading sanctions and emphasizing that Kyrgyzstan will uphold international obligations while protecting its economic interests.