UK sanctions Kyrgyz bank and Russia-linked crypto network over $9.3 billion in ruble-backed stablecoins

The UK has imposed sanctions on the Kyrgyz financial sector and Russian-linked crypto networks, targeting a $9.3 billion ruble-backed stablecoin operation, according to a UK government announcement. Those sanctioned include Capital Bank of Central Asia and its director, Kantemir Chalbayev, as well as two Kyrgyz crypto exchanges, Grinex and Meer.