The UK has issued fresh sanctions targeting crypto networks as Vladimir Putin increasingly turns to digital currencies to fund his war in Ukraine.

Yvette Cooper, the Foreign Secretary, has sanctioned 18 companies, exchanges and individuals linked to Russia’s A7 crypto network, which helps the country buy weapons and sell oil without getting caught by Western sanctions on Russian banks and financial transactions.

The sanctioned entities include Sergey Mendeleev, the founder of the Russia-linked crypto exchange Garantex, as well as the United Arab Emirates-registered crypto exchange Bitpapa and the Georgia-incorporated exchange Rapira Group.

Many of these companies actively advertise Russian sanctions…