Olivia Allinson and Oksana Ihnatenko examine how Russia and other hostile actors use illicit financial networks to fund hybrid warfare, including physical sabotage, cyberattacks and disinformation. Published in the RUSI Journal, their article explores how existing anti-money laundering frameworks could help identify and disrupt these activities. Drawing on examples from Ukraine and across Europe, the authors propose strengthening international cooperation, expanding Financial Action Task Force (FATF) evaluations to account for state threats and improving oversight of cryptocurrency, cross-border transactions and money mule networks. They call for a more coordinated response to the financial mechanisms underpinning hybrid threats.