British authorities have shut down two large money laundering operations connected to Russia. These operations were used by oligarchs, organised crime groups, cybercriminals and drug dealers, according to the National Crime Agency on Wednesday.

Operation Destabilise, the global operation, detained 84 people and confiscated 20 million pounds (USD 25.4 million) in cash and cryptocurrency. It was made public on the same day that the United States imposed fresh sanctions on a number of high-ranking figures in money laundering schemes. “For the first time, we have been able to map out a link between Russian elites, crypto-rich cybercriminals and drug gangs on the streets of the UK,” said Rob Jones, NCA director general of operations. “We have identified and acted against the Russians pulling the strings at the very top, removing the air of legitimacy that enabled them to weave illicit funds into our economy. Networks known as Smart Group and TGR Group allowed criminals and wealthy Russians to convert cash to cryptocurrency and vice versa,” authorities said. 

“They also helped them hide the illegal source of their funds or evade sanctions that were imposed after Russia invaded Ukraine. Russian elites were able to buy property in Britain with the laundered proceeds,” the NCA said. According to the NCA, the Russian government also funded journalists for the state-run RT television network and utilised the network to transfer money to spies working abroad. Ekaterina Zhdanova, a Russian native who was detained in France on unrelated charges, was the head of Smart Group. The United States sanctioned her last year.

The US Treasury imposed penalties on Wednesday that targeted TGR's head, George Rossi, a Ukrainian of Russian descent, as well as a number of his associates and affiliated companies. However, his whereabouts are uncertain. The networks frequently sent the money through the Middle East, especially the United Arab Emirates, and kept 3% of the billions they laundered. According to the NCA, the network laundered assets from a wide range of sources, including South American cartels and the Irish Kinahan crime gang, which has engaged in international drug and firearm trafficking. It operates in more than 30 countries. The operation involves law officers from the United States, Ireland, France, and the United Arab Emirates.