UK Targets Crypto Payment Networks as Russia Sanctions Expand

TLDR

• The UK sanctioned three cryptocurrency exchanges and two payment platforms over suspected Russian financial links.
• The October 8 sanctions package includes 38 new designations targeting financial networks, oil companies and suppliers.
• British authorities linked two targeted businesses to transactions involving the Russia-backed A7 network.
• The A7 network claimed to have processed more than $90 billion during 2025, although independent verification remains limited.
• The UK also sanctioned 12 Russian-linked oil tankers and businesses involved in military supply chains.

The UK sanctioned three cryptocurrency exchanges and two payment platforms on October 8 over suspected Russian sanctions evasion. The 38 new measures also cover oil companies, vessels and military suppliers.

UK Names Crypto Firms and Payment Operators

The list names Xeltox Enterprises, a Canadian-registered firm behind Cryptomus, Heleket and Certa Payments, and Kyrgyzstan-based TokenSpot. It also includes Processing KG, operator of VexPay, and Tsunami Payments. Processing KG director Ulan Bukabaev also faces sanctions.

The UK suspects two targeted businesses of handling payments involving A7, a Russia-backed financial network. The United States sanctioned the A7 network earlier this month over suspected illegal financing. British officials provided no transaction totals for individual listed companies.

A7 Stablecoin Network Faces More Restrictions

The A7 network uses a ruble-backed digital token called A7A5. The UK says it helps move funds despite restrictions on Russian banks. A7 claimed to have processed over $90 billion during 2025, British officials said.

The $90 billion figure comes from A7 and remains unverified. Blockchain researchers have questioned whether reported A7A5 transfers reflect payments between independent users. Authorities have not said every newly sanctioned exchange handled the token.

Financial Sanctions Limit Crypto-Related Payments

UK sanctions freeze designated firms’ assets within British jurisdiction. Financial institutions cannot process prohibited payments involving those firms. Separately, Kyrgyzstan’s USDKG stablecoin shutdown followed earlier UK sanctions against its issuer.

The action follows earlier British sanctions against crypto services suspected of handling Russian funds. Officials previously targeted Grinex and Garantex. Other governments have restricted related platforms as they investigate suspected sanctions avoidance.

Wider Package Covers Oil and Supply Chains

Beyond cryptocurrency, the UK sanctioned Russian oil producers Zarubezhneft and INK Capital. Its latest list also covers 12 tankers linked to Russia’s shadow fleet. Officials say these ships help transport oil under arrangements designed to avoid restrictions.

The announcement names 17 people and businesses tied to supplies for Russian weapons production. Japan separately expanded sanctions on October 2, including restrictions on the Garantex exchange. These restrictions follow Japan’s Foreign Exchange and Foreign Trade Act and related rules.

UK officials also named suppliers of machine tools, electronics and other goods used in missile and drone production. The government says the designations seek to restrict funds and equipment reaching Russia during its war in Ukraine. Those named face the applicable UK restrictions.

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