UK and US authorities on Wednesday announced a major crackdown on a pair of billion-dollar money laundering rings that officials say has cleaned money for Russia’s elite, cybercriminals and drug-runners around the world.

British authorities say they have dismantled two massive money laundering operations linked to Russia that were used by oligarchs, organized crime groups, cybercriminals and drug dealers.

A driver who was stopped on the M1 with more than £250,000 in cash led to the downfall of a multi-billion Russian money laundering system, police have revealed.

The U.S. and Britain announced the disruption of a global money laundering ring linked to elite Russians evading sanctions. The effort, known as 'Operation Destabilise', involved 30 countries and led to 84 arrests,

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 US has imposed new sanctions today related to Russia. These sanctions target an illegal financial network that allowed the Russian elite to use digital assets to bypass sanctions, reports Reuters.