UK-sanctioned crypto firms operated outside the country, Finance Ministry of Georgia

Investigative Service of the Ministry of Finance of Georgia has said criminal investigations were under way into three companies sanctioned by the United Kingdom over alleged involvement in helping Russia evade sanctions.

In a statement released on Wednesday, the agency said investigations involving AIFory, Arvix and Rapira Group had already resulted in “specific legal outcomes”.

It claimed none of the sanctioned companies carried out actual business activities in Georgia.

Investigators said AIFory and Arvix had been fictitiously registered in the names of other individuals in exchange for payment, while their real operations were conducted in Moscow. Authorities said the companies had no assets or offices in Georgia.

The Finance Ministry said a Georgian court sentenced three defendants on 28 April 2026 to fines of 30,000 lari and suspended sentences, while alleged organiser Davit Jincharadze received a prison sentence of nine years and six months.

Regarding Rapira Group, investigators said the company had been formally registered in Georgia under a power of attorney issued by a British citizen, but operated exclusively for Russian clients through the website rapira.net.

Authorities said the company had no banking activity, assets or offices in Georgia and described its registration as purely formal.

The Investigative Service added that it continued to work with international partners to combat financial and cybercrime, including attempts to circumvent international sanctions.

The United Kingdom expanded its sanctions list against Russia this week, targeting crypto and illicit financial networks helping Moscow bypass restrictions. The sanctions included companies linked to Russia, the United Kingdom, Georgia, Kyrgyzstan, the United Arab Emirates, Panama and El Salvador.