LONDON – November 21, 2025 – Britain’s National Crime Agency (NCA) has revealed a sprawling billion-dollar money laundering network operating across the UK, which acquired a controlling stake in a Kyrgyzstani bank to facilitate sanctions evasion and support Russia’s war in Ukraine. The announcement was made on Friday as part of Operation Destabilise, an international investigation targeting Russian money laundering networks.

The NCA emphasized that the operation exposes the scale of criminal networks that convert street-level cash into cryptocurrency and link local drug trade activities to organised and state-sponsored crime.

“Today we can reveal the sheer scale at which these networks operate and draw a line between crimes in our communities, sophisticated organised criminals, and state-sponsored activity,” said Sal Melki, NCA deputy director for economic crime.

Operation Destabilise: Phase Two

In a global crackdown, the NCA has collaborated with law enforcement agencies in the U.S., France, Spain, and Ireland. To date, authorities have made 128 arrests, seizing over £25 million ($33 million) in cash and cryptocurrency in the UK alone.

The investigation targets two major networks, TGR and Smart, which were previously highlighted by the U.S. Treasury Department. These groups are believed to have been used by wealthy Russians to evade sanctions, launder cash for criminal organizations, and facilitate a “cash-for-crypto” exchange to disguise illicit funds.

Kyrgyzstan Bank and Russian Sanctions Evasion

The NCA reported that TGR purchased a majority stake in Keremet Bank, a Kyrgyzstani lender previously sanctioned by the U.S. Treasury. According to authorities, this transaction aimed to create a sanctions evasion hub to support cross-border Russian trade payments in sectors including defence, aerospace, and technology.

Keremet Bank has stated that it intends to challenge the sanctions decision. Investigators say the controlling stake is held by a company linked to George Rossi, a Ukrainian national sanctioned by the U.S. and believed to lead the TGR network. Attempts to contact Rossi were unsuccessful.

Implications for UK and Global Security

The NCA’s findings demonstrate how local crime, including drug trafficking, can intersect with sophisticated international criminal networks and state-backed activity. The operation also underscores the growing role of cryptocurrency in global financial crime, particularly in facilitating sanctions evasion and illicit cross-border transactions.

Authorities caution that continued vigilance and international cooperation are essential to combat economic crime, prevent funding of conflicts like the Russian invasion of Ukraine, and protect domestic financial systems from organized criminal activity.

Operation Destabilise is ongoing, with the NCA and international partners working to trace, seize, and disrupt illicit assets and prosecute those involved in money laundering schemes that span multiple continents.