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UK Targets Kremlin-Linked Crypto Network In Latest Sanctions Round

Authored by Micah Zimmerman via BitcoinMagazine.com,

The United Kingdom has unveiled a fresh package of sanctions against Russian financial structures that use crypto and offshore payment routes to sidestep restrictions imposed after the invasion of Ukraine. 

The measures focus on the Kremlin-backed A7 network, a ruble-based settlement system, and a cluster of exchanges and firms that route payments through Kyrgyzstan and Georgia.

Announced by Foreign Secretary Yvette Cooper, the package covers 18 new designations that target what London describes as the backbone of Russia’s illicit finance channels. 

Officials say the list includes a Kyrgyz bank suspected of handling A7 flows, a major global cryptocurrency exchange that has sent more than 1.5 billion dollars to entities close to the Kremlin, and three Georgian companies that run Russia-focused trading platforms.

The A7 network has emerged as a central hub in Russia’s attempts to blunt the impact of Western sanctions on its war economy. Investigations by independent researchers describe A7 as a cross-border settlement platform that uses a ruble-backed token, branded A7A5, and links to Promsvyazbank, a state lender that supports the Russian defense sector.

According to the UK government, A7 claims to have moved more than 90 billion dollars during the past year, a sum that officials say approaches half of Russia’s annual military spending. 

Separate journalistic probes have found that A7-connected wallets and entities handle a significant share of cross-border transfers for sanctioned oligarchs and state-linked businesses.

The crackdown lands at a moment when Russia’s own forecasts show a weaker outlook for growth under sanctions pressure. This month the Economy Ministry cut its 2026 growth projection to 0.4 percent from 1.3 percent and reduced the estimate for 2027 from 2.8 percent to 1.4 percent, an admission that extended war spending and trade limits weigh on expansion.

Crypto is replacing bank links for Russia

Western authorities and crypto analytics firms have flagged crypto as a key tool in Russia’s effort to replace severed bank links. Research into related platforms such as A7A5 and exchanges that serve Russian users has traced billions of dollars in stablecoin and token flows that bypass traditional banking checks, much of it through venues in Central Asia and the Caucasus.

Cooper framed the new sanctions as part of a broader drive to hit the financial lifelines of Moscow’s war machine and close off safe havens for enablers of the invasion. She said the UK would keep working with allies to expose, disrupt and dismantle the structures that move money and goods for Russian forces.

Since the start of the full-scale invasion in 2022, Britain has sanctioned more than 3,300 individuals, companies and vessels linked to the Kremlin, from banks and energy giants to defense suppliers.

The government estimates that international sanctions have stripped more than 450 billion dollars from Russia’s economy, a loss equal to an estimated two years of funding for its war against Ukraine.

Tyler Durden Thu, 05/28/2026 - 07:45

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Drone Stocks Erupt After Report Of Pentagon Funding Deals

President Trump's war economy is accelerating, with a new report indicating that the Department of War is set to unleash funding deals across a handful of drone companies. The effort comes as the DoW's procurement program now favors startups, and there has been an emphasis within the department on ramping up America's drone manufacturing base, as hyper-innovation from the war in Ukraine has brought forward 2030s-era war technology.

The Wall Street Journal reports that the DoW has been in talks with a group of drone startups and suppliers, including Performance Drone Works, Unusual Machines, and Neros Technologies, about potential funding packages that could include debt, conditional loans, and possible equity stakes.

The financing would not be used to purchase batches of suicide drones directly. Instead, the plan is to expand domestic manufacturing capacity, lower unit costs, and help these war-unicorn startups ramp up production ahead of a major stockpiling effort by the DoW.

The DoW's $1.1 billion Drone Dominance initiative aims to stockpile 300,000 low-cost attack drones by the end of 2027 at a unit price of less than $5,000.

The WSJ's report sent drone-related firms soaring in premarket trading, with Unusual Machines soaring 33%, Red Cat up 13%, AeroVironment up 8%, Kratos Defense & Security Solutions up 8.4%, and Airo Group up 2.9%.

None of this should be surprising to readers, as we've detailed the Trump team's playbook with the DoW to reset procurement programs, funneling funding into defense startups while building out production lines for low-cost war machines, such as drones and robots.

We identified Axon, which plans to import Ukrainian war tech into the US to build up US stockpiles faster.

Meanwhile, Ukraine is becoming a drone manufacturing hub for allied forces that stretch across Eurasia.

Let's remind readers of our forward-looking theme published in January. 31: 

• "Explosion In AI Data Center Buildouts Will Demand Next-Gen Counter-Drone Security"

Then, after a couple of data centers in the Gulf area were hit by Iranian attack drones, we note:

• "Micro AI Sentry Guns May Be Next Layer Of Defense For Data Centers Against Kamikaze Drones"

Beyond one-way attack drones and interceptor drones, we suspect counter-drone threat systems, such as passive acoustic detection, will become popular in the US because there is a missing layer of air defense around critical infrastructure, from power grids to data centers.

Tyler Durden Thu, 05/28/2026 - 07:20

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Home Refi Activity Plummets As Mortgage Rates Hit 9-Month Highs

Refinancing activity in the U.S. housing market plummeted last week as mortgage rates hit their highest level in nine months, new industry data released on May 27 show.

Refinancing decreased by 18 percent for the week ending May 22 and is up by 19 percent from the same time a year ago, according to the Mortgage Bankers Association.

“Many borrowers understandably backed away from refinancing last week,” Joel Kan, the firm’s vice president and deputy chief economist, said in a statement.

The decline was largely driven by the 30-year fixed-rate mortgage rising by 30 basis points over the past five weeks to 6.65 percent - the highest level since August 2025.

As Andrew Moran reports for The Epoch Times, activity to refinance home loans was spread across the board. Conventional refinance applications fell by 14 percent, Federal Housing Agency applications dropped 18 percent, and Veterans’ Affairs applications tumbled 34 percent.

Overall, refinance loans accounted for 38 percent of all mortgage applications, the smallest share in nearly a year.

But purchase applications also slipped from the previous week, sliding by almost 9 percent.

“Purchase applications were slightly lower across all loan types but still ran at a stronger pace than last year’s pace,” Kan said.

“The average loan size for a purchase application reached another survey high at $473,600, as borrowers with smaller loan sizes were less active given the higher rate environment and its negative impact on their purchasing power.”

Meanwhile, the Federal Housing Finance Agency reported on May 26 that single-family home prices backed by Fannie Mae and Freddie Mac rose by 0.1 percent in March, up from a downwardly revised 0.1 percent drop in February.

‘Sensitive to Headlines’

Mortgage rates, which generally track long-dated U.S. Treasury yields, have accelerated since the war in Iran began in late February, driven by renewed war-driven inflation risks.

The main benchmark 10-year yield reached a one-year high of 4.66 percent last week. The 30-year climbed to 5.18 percent, its highest level since the global financial crisis.

Modest relief could be on the way amid increasing optimism that the United States and Iran are inching closer to establishing a peace deal.

Yields have eased by approximately 20 basis points over the past week, translating into lower rates for homeowners and prospective homebuyers.

As of May 27, the 30-year fixed-rate mortgage dipped to 6.61 percent, but the gap between current rates and the effective (aggregate) rates that Americans are currently carrying on their homes remains vast...

How long this trend lasts depends on what happens between Washington and Tehran, says Jeff DerGurahian, head economist at loanDepot.

“But with geopolitical tensions still front and center and inflation expectations starting to pick back up, the outlook remains uncertain,” DerGurahian said in a note emailed to The Epoch Times.

“Until there’s more clarity, rates are likely to stay sensitive to headlines, with the direction from here tied closely to how events unfold overseas.”

Inflation data could also play a role in both the broader financial markets and monetary policy.

A de-escalation in the three-month-old Middle East conflict could help mitigate medium- and long-term inflation pressures. But the length of persistent inflation could hang over the Federal Reserve.

Federal Reserve Chairman Kevin Warsh at the White House in Washington on May 22, 2026. Madalina Kilroy/The Epoch Times

Traders have recently made an interest rate hike over the next year their base case scenario.

The 2-year yield, which follows expectations for Fed policy, remains above 4 percent. Futures market data suggest a quarter-point increase in March.

Market watchers, however, say the criteria for following through on a rate hike are high.

“From a policy standpoint, the expectation is that the Fed will likely stay on hold for a while,” DerGurahian said.

“The bigger question is how inflation plays out over the next few months, especially if higher energy prices start to show up more broadly across the economy.”

May’s annual consumer inflation rate is expected to reach 4.2 percent, according to the Cleveland Fed Nowcasting Model. If accurate, it would be the highest level of inflation since May 2023.

Ignoring Interest Rates

Despite President Donald Trump’s calls for lower interest rates to support his economic agenda, the data suggest the economy has been indifferent to elevated rates.

Recent growth has been fueled by consumer spending and business investment, mainly artificial intelligence-driven capital expenditures.

Even with markets pricing in higher rates, capex spending plans continue to be adjusted higher.

“It doesn’t matter what the Fed does. There is FOMO [fear of missing out] among hyperscalers, and AI spending is not sensitive to higher interest rates,” Torsten Slok, chief economist at Apollo Global Management, said in an emailed note to The Epoch Times.

“In fact, despite the move higher in rates in recent months, the consensus forecast for capex in 2027 continues to rise.”

If Fed officials tighten policy, it might combat inflation but do little to harm the growth prospects.

Tyler Durden Thu, 05/28/2026 - 06:55

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