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UK ramps up sanctions against Russian shadow fleet, crypto industry

UK ramps up sanctions against Russian shadow fleet, crypto industry

The U.K. published 38 new sanctions listings on Oct. 8, targeting ships helping Russia evade existing sanctions and a range of companies in Moscow’s military-industrial complex and cryptocurrency sector.

Among the businesses in the new sanctions listings is Xeltox Enterprises, which owns the cryptocurrency company Cryptomus.

Xeltox has “been involved in obtaining a benefit from or supporting the government of Russia by carrying on business in a sector of strategic significance (…) the financial services sector,” reads the U.K. government’s sanctions listing.

Russia has increasingly sought to use cryptocurrency, which is hard to track, to get around global sanctions.

That has prompted the U.K., the EU, and Ukraine to target crypto schemes…

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