London, Dec 4 (AP) British authorities have dismantled two massive money laundering operations linked to Russia that were used by oligarchs, organised crime groups, cybercriminals and drug dealers, the National Crime Agency said Wednesday.

The international sting, known as Operation Destabilize, seized 20 million pounds (USD 25.4 million) in cash and cryptocurrency and arrested 84 suspects.

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It was revealed on the same day the US announced new sanctions against several people at the top of the money laundering networks.

“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.”

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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.

The Russian state also used the network to funnel funds to spies operating in other countries, as well as funding journalists working for the state-controlled RT television network, the NCA said.

Smart Group was run by Ekaterina Zhdanova, a Russian national, who has been arrested in France on unrelated charges. She was sanctioned last year by the US.

The sanctions announced Wednesday by the US Treasury targeted George Rossi, a Russian-born Ukrainian who heads TGR, several of his associates and related entities. His whereabouts are unknown.

The networks took a 3 per cent cut of the billions they laundered, often routing the money through the Middle East, including the United Arab Emirates.

The network reached across more than 30 countries as it laundered assets as diverse as those from South American cartels and the Irish Kinahan crime syndicate that has trafficked drugs and firearms around the world, the NCA said.

Law enforcement agencies in the US, Ireland, France and the UAE were involved in the operation. (AP)

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