UK Sanctions Crypto Platforms Over Suspected Links to Russian Finance Networks
Highlights
- The UK has banned three cryptocurrency trading platforms, two payments companies, and one individual for suspected ties to Russia.
- Authorities connected some platforms to A7, which has boasted transactions of more than $90 billion in 2025 alone.
- The EU has previously limited 14 crypto platforms and empowered the creation of jurisdiction-wide transaction bans.
The United Kingdom has introduced new sanctions on cryptocurrency platforms that are believed to assist Russia in evading international financial sanctions. Announced on October 8, the measures target three crypto exchanges, two payment platforms, and one individual.
UK Sanctions Targets Crypto Exchanges and Payment Networks
Among the sanctioned companies are Xeltox Enterprises, which is linked to the crypto services Cryptomus and Heleket, as well as TokenSpot, Processing KG and Tsunami Payments, all of which are located in Kyrgyzstan.
In addition, processing KG’s director, Ulan Bukabaev, has been sanctioned for suspected involvement in the targeted financial network.
One of the main issues is A7, a Russian-backed financial network said to offer an alternate means of international transactions. The network reportedly claimed to have processed more than $90 billion during 2025. The UK thinks such monetary deals could give Russia other ways to move money in spite of restrictions.
The sanctions mechanism includes asset freezes and limits on financial transactions between UK persons and businesses and designated entities. These measures may restrict their access to financial infrastructure and overseas counterparties.
In addition to cryptocurrency, the October 8 package is aimed at businesses working in Russia’s energy and industrial sectors. The United Kingdom named Russian oil firms Zarubezhneft and INK Capital, and 12 tankers reportedly in Russia’s shadow fleet.
Other restrictions include companies and persons involved in equipment, electronics and industrial supplies thought relevant to military production.
Earlier EU Sanctions Swept Up 14 Crypto Platforms
This fresh list of sanctions joins another set that was imposed prior. As Coingape reported earlier, the European Union adopted its 21st sanctions package against Russia on July 23. The round saw 218 designations being added, the highest number in four years.
A closer look at our report reveals the EU broadened its transaction restrictions to include 14 cryptocurrency platforms in 6 jurisdictions. These were Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus.
HTX, BitPapa, EXMO, Rapira, A7 Africa and A7 Nigeria were among the platforms hit. The services were deemed to be a route to evade current financial sanctions in Europe by Russian entities.
The restrictions are intended to prevent EU individuals and enterprises from transacting with the designated platforms and restrict access to European financial markets.
In addition to individual companies, the EU also enacted a legal instrument that allows for a more general restriction on crypto services in third countries that are relevant to circumvention of the Russian sanctions.
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