The UK has imposed sanctions on crypto exchanges, payment platforms and an executive it suspects of helping Russia bypass financial restrictions, as part of a wider package targeting networks linked to Moscow’s war effort.
The 38-designation package includes Xeltox Enterprises, a Vancouver-registered company that the UK says owns Cryptomus and has activities linked to and continued through Heleket. Kyrgyzstan-based firms TokenSpot and Tsunami Payments were also designated. The measures additionally target Processing KG, the operator of payment service VexPay, and its director, Ulan Bukabaev.
According to Decrypt, the Foreign, Commonwealth & Development Office announced the measures on Thursday. The department said the targets included three crypto exchanges, two payment platforms and one individual suspected of supporting Russia’s efforts to circumvent sanctions.
Firms linked to the A7 network
The UK says the sanctioned businesses are connected to financial activity involving A7, which it describes as a Kremlin-backed illicit finance network. Two of the designated targets processed or facilitated transactions with A7, although the government did not specify which two.
A7 is accused by the UK of helping Russia evade restrictions imposed on its financial sector. The government said the network claimed to have moved more than $90 billion last year. It compared that amount with roughly half of Russia’s annual military spending, underscoring why authorities are focusing on payment and digital-asset channels alongside traditional financial institutions.
The sanctions carry more than a financial penalty. In addition to asset freezes, the four companies face internet-services sanctions. These require social-media companies, internet providers and app stores to take reasonable steps to prevent users in the UK from accessing the affected firms’ websites and applications.
Processing KG is linked to Kyrgyzstan’s Ministry of Finance through its parent company, according to the UK sanctions notice. The designation of the company and Bukabaev places both the payment operator and its director under the UK measures.
Wider package targets oil and shipping
The crypto-related designations form only part of the latest action. The UK also sanctioned Russian oil producers Zarubezhneft and INK Capital. The government said its sanctions now cover more than 90% of Russia’s oil production capacity.
Twelve additional tankers were added to the UK’s sanctions list, taking the number of sanctioned “shadow fleet” vessels to more than 600. The term refers to ships targeted in efforts to restrict maritime networks used to transport oil outside conventional sanctions channels.
The package also covers 17 entities and individuals involved in supplying goods considered critical to Russia’s missile and drone production. Taken together, the measures address several parts of the Russian war economy: energy revenues, shipping, military supply chains and financial infrastructure.
The Foreign, Commonwealth & Development Office said the package was intended to disrupt networks that help fund or equip Russia’s war. The announcement did not provide further details about the specific transactions or services attributed to each crypto or payment firm.
Crypto sanctions and the current market picture
The UK, United States and European Union have increasingly included crypto businesses in Russia-related sanctions packages. In May, the UK sanctioned Justin Sun’s HTX and other crypto firms, accusing HTX of providing financial services to A7. The EU named HTX in its own Russia sanctions two months later.
The United States has since designated A7 as a transnational criminal organization, while the EU has moved toward banning all crypto transactions with Russian entities. A separate UK operation focused on Russian sanctions evasion has resulted in 128 arrests and seizures of crypto and cash.
Kyrgyzstan ordered 50 companies to stop operating in May after state agencies identified sanctions-related risks, according to the source material.
Moneyiar market data at the stated times shows mixed performance among the listed digital assets:
- Ethereum Name Service (ENS) was priced at $6.1273019268 at 11:49 on October 11, 2026, down 3.45% over 24 hours and 9.62% over seven days.
- Four (FORM) traded at $0.2790902861 at the same time, up 0.74% over 24 hours but down 1.06% over seven days.
- PolySwarm (NCT) was priced at $0.0167332051 at 07:34 on August 27, 2026, up 155.44% over 24 hours and 292.62% over seven days.
These market figures describe price movements in the specified assets and are separate from the UK’s sanctions announcement.
