Britain has announced a new sanctions package targeting cryptocurrency and financial entities that help Russia bypass Western restrictions and finance its war against Ukraine, according to a statement published on the UK government’s website earlier today.

The sanctions target crypto exchanges, Russia-linked companies, and the A7 network – a Kremlin-backed system that British authorities say has been used to evade sanctions, finance military procurement, and process payments from oil sales.

The UK government says more than $90 billion passed through the A7 network over the past year, roughly half of Russia’s annual military spending.

The new package includes a total of 18 sanctions designations. The restrictions also target…