The United Kingdom has sanctioned three cryptocurrency exchanges and several payment businesses in a new package targeting networks suspected of helping Russia avoid international financial restrictions.
The measures cover 38 new designations and include companies connected to crypto trading, payment processing, Russian oil production, shipping and the supply of equipment allegedly used in missile and drone manufacturing. Under the U.K. sanctions, assets belonging to the designated entities in Britain are frozen, while British financial institutions are prohibited from processing payments to, from or through several of the named firms.
According to CoinDesk, the Foreign Office said two of the targeted businesses had processed or facilitated transactions linked to A7, a Kremlin-backed financial network. A7 operates A7A5, a stablecoin pegged to the Russian ruble. British authorities allege that the network and its token have been used to bypass restrictions imposed on Russia’s financial sector.
Which crypto businesses were targeted
The U.K. named Xeltox Enterprises, a Canadian-registered company behind the cryptocurrency exchanges Cryptomus and Heleket, as well as Certa Payments. Kyrgyzstan-based exchange TokenSpot was also sanctioned.
The package additionally targets Processing KG, the operator of VexPay, and Tsunami Payments. Ulan Bukabaev, identified as a director of Processing KG, was included in the designations as well.
The government said two of the businesses targeted in the latest action had handled or enabled transactions involving A7. The network said last year that it had moved more than $90 billion, although the British statement cited that figure as an assertion by A7 rather than an independently established total.
A stablecoin is a type of crypto asset designed to maintain a relatively stable value against another asset or currency. In this case, A7A5 is described as being pegged to the ruble. British officials allege that its use has helped parties move funds outside channels affected by sanctions.
Wider action against Russia-linked networks
The crypto-related designations form part of a broader British response connected to Russia’s war in Ukraine. The new package also names Russian oil producers Zaribezjmeft and INK Capita, 12 tankers described as part of Russia’s shadow fleet, and suppliers of machinery, electronics and other goods that the U.K. says are used in the production of missiles and drones.
The latest measures extend earlier scrutiny of digital-asset businesses suspected of supporting Russia’s access to financial services. The U.K. sanctioned several other crypto exchanges in May, including Huobi and HTX, over allegations that they helped Russia evade Western sanctions.
British authorities had previously sanctioned Grinex and Garantex, which were linked to the network behind A7A5. The United States later targeted companies and executives connected to the token and the exchanges. Blockchain-data firms, however, have disputed estimates of how much activity involving A7A5 has actually taken place.
The European Union also included crypto businesses in its response. In July, the bloc introduced its 21st sanctions package against Russia, targeting 14 cryptocurrency companies and four designations related to the cross-border A7 network.
What the sanctions mean for the named firms
The designations create immediate restrictions within the U.K. Financial assets held by the listed entities in the country must be frozen. British financial institutions are also barred from processing transactions involving several of the sanctioned firms.
These measures are intended to restrict access to the British financial system and make it more difficult for the named businesses to provide payment or crypto-related services connected to Russia. The action does not establish that every transaction handled by the companies was linked to sanctions evasion; rather, it reflects the British government’s allegations about the role of specific entities and networks.
The focus on exchanges and payment processors highlights the role of intermediaries in cross-border crypto transfers. Exchanges can provide access to digital assets, while payment platforms may help move funds between traditional financial accounts and crypto services. Sanctions authorities are increasingly examining both parts of that chain when they believe financial restrictions may be circumvented.
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