Sanctioned Russian Banker Seeks to Disentangle from UK Crypto Company in £15m Share Sale
Mikhail Klyukin, a recently sanctioned Russian banker, has divested more than £15m worth of shares in UK-based cryptocurrency firm Copper Technologies. This move has raised concerns over the transparency of cryptocurrency transactions and the potential violation of sanctions. Klyukin, who held a 2% stake in Copper Technologies, was sanctioned by the UK Foreign Office due to his involvement with Sovcombank, a Russian lender closely linked to the Putin regime. The sale of the shares was facilitated by Copper Technologies, which acted as an intermediary converting the buyer’s payment into cryptocurrency before transferring it to Klyukin. Legal experts have raised questions about the transaction’s compliance with US sanctions, particularly due to the use of non-US currency and the involvement of digital currencies. Copper Technologies has defended its actions, stating that they complied with all applicable sanctions laws based on external legal advice. The company also emphasized its commitment to anti-money laundering rules and regulatory guidelines. Philip Hammond, former Chancellor and the current chair of Copper Technologies, was reportedly unaware of the share sale and was informed later during a review of major shareholders.