The UK government has announced a tough new package of sanctions targeting shadow financial systems, cryptocurrency exchanges, and illicit networks that Russia uses to bypass existing sanctions and fund its war in Ukraine.

The primary target is the Kremlin-backed “A7 network,” which claims to have moved over $90 billion last year to process oil money and finance military procurement.

The 18 new sanctions target key individuals and entities enabling this evasion, including a Kyrgyz bank, a major global cryptocurrency exchange suspected of funneling over $1.5 billion to the Kremlin, and three Georgian companies operating Russia-focused exchanges.

Foreign Secretary Yvette Cooper emphasized that as Russia turns to “dark networks” to evade restrictions, the UK and its allies are adapting their strategies to track down and shut off these financial lifelines.

The sanctions are taking a heavy toll on Russia. The country recently slashed its economic growth forecast, and international sanctions to date (which include over 3,300 UK designations) have cost the Russian economy an estimated $450 billion.

You can read full statement here.