The United Kingdom’s National Crime Agency (NCA) confirmed a decisive strike against illicit Russian finances. In a recent update on “Operation Destabilise,” authorities revealed the detention of 128 individuals and the confiscation of 32.6 million dollars in cash and digital assets. This effort seeks to dismantle complex networks dedicated to cryptocurrency money laundering and the evasion of international sanctions.
On the other hand, investigations have uncovered a criminal infrastructure that operated in at least 28 British towns and cities. Couriers collected cash derived from illegal activities such as arms trafficking or drugs to subsequently convert it into digital assets. According to the NCA, these funds were channeled to finance organized crime and even to acquire military equipment intended for the conflict in Ukraine, evidencing the direct connection between local crime and geopolitics.
How did these networks finance the Russian war machine through foreign banks?
Authorities identified two specific networks, named “Smart” and “TGR,” which collaborated closely to move illicit capital internationally. George Rossi, head of TGR, maintains links with the sanctioned firm Altair Holding SA, which acquired a majority stake in the Keremet bank of Kyrgyzstan. This acquisition allowed facilitating cross-border payments for Promsvyazbank, a Russian state entity fundamental for financing Moscow’s army suppliers.
Likewise, it was discovered that Promsvyazbank is behind the A7A5 stablecoin, pegged to the ruble, used to bypass financial restrictions. This digital currency has recorded transaction volumes exceeding 40 billion dollars, demonstrating the sophistication of the scheme. The use of shell companies and foreign banks has been key to integrating these capitals into the legitimate financial system, significantly complicating the tracking of funds by Western regulators.
Is financial blocking truly effective or does crime simply displace itself?
However, private sector experts point out that measuring the local impact of these operations is extremely complex without classified data. Although activity on specific platforms like NetEx24 and Bitpapa fell by 80%, flows tend to redirect toward other less supervised channels. Ari Redbord, from TRM Labs, suggests that while there is greater friction for criminals, a total collapse of Russia-linked money laundering in London is not observed.
The adaptability of these networks is notable, as demonstrated by the case of the sanctioned exchange Garantex, which has apparently reorganized under the brand Grinex. This indicates that stopping the flow at one source causes its immediate displacement, using OTC brokers and alternative payment processors. Criminals constantly seek new ways to bypass controls, which demands coordinated international surveillance and constant updating of interdiction strategies.
Finally, “Operation Destabilise” has managed to restrict these networks’ access to Western banking, forcing them to seek riskier routes. British authorities are expected to continue pressuring financial facilitators, while the criminal ecosystem will likely attempt to further decentralize its operations. The fight against illicit financing enters a phase of global pursuit where blockchain intelligence will be the primary tool of defense.
