Summary
- The UK has imposed sanctions on three cryptocurrency exchanges, two payment platforms, and one individual suspected of aiding Russia in evading financial sanctions.
- Among the sanctioned entities are Xeltox Enterprises, linked to Cryptomus, and a Kyrgyz payment firm connected to the Ministry of Finance.
- This extensive sanctions package also targets Russian oil companies Zarubezhneft and INK Capital, alongside twelve additional shadow fleet tankers.
The UK government has announced sanctions against three cryptocurrency exchanges and two payment platforms believed to be facilitating Russia's evasion of financial restrictions, according to a statement from the Foreign, Commonwealth & Development Office released on Thursday.
The sanctions specifically mention Xeltox Enterprises, a Canadian firm identified as the owner of Cryptomus, and its operations associated with Heleket, as detailed in the UK’s sanctions notice. Additionally, Kyrgyzstan-based companies TokenSpot and Tsunami Payments, which operate from the same office building in Bishkek, have also been included in the sanctions list.
The war waged by Putin relies heavily on financial resources, oil revenues, and the networks that support them.
Today, the UK is introducing 38 new sanctions aimed at disrupting these networks.
The message is clear: any entity that assists Russia in financing or supplying its military efforts will face repercussions. pic.twitter.com/bCMq37dKPa
— Foreign, Commonwealth & Development Office (@FCDOGovUK) October 8, 2026
Also included in the sanctions is Processing KG, the operator of VexPay, which is owned by Kyrgyzstan's Ministry of Finance. Its director, Ulan Bukabaev, has been sanctioned as well.
The UK government revealed that two of the sanctioned entities had processed transactions through the A7 network, although it did not specify which ones.
In addition to asset freezes, these companies will face restrictions on internet services, obligating social media platforms, internet service providers, and app stores to take reasonable measures to block UK users from accessing their services.
The UK has labeled A7 as a Kremlin-affiliated "illicit finance network" that facilitates the circumvention of sanctions on Russia's financial sector. This network reportedly moved over $90 billion last year, which is approximately half of Russia's annual military expenditure, according to government sources.
This latest round of sanctions is part of a broader package targeting 38 entities, which also includes the Russian oil firms Zarubezhneft and INK Capital. Currently, UK sanctions are estimated to cover over 90% of Russia's oil production capabilities.
The sanctions package has added 12 shadow fleet tankers to the list, bringing the total number of sanctioned vessels to over 600, along with 17 other individuals and entities involved in supplying essential goods for Russia's missile and drone production.
Sanctions on Crypto and Russia
In recent years, the UK, U.S., and EU have consistently targeted numerous cryptocurrency firms as part of their sanctions against Russia. In May, the UK sanctioned HTX, a firm owned by Justin Sun, among others, accusing it of providing financial services to the A7 network. The EU followed suit two months later by naming HTX in its own sanctions.
The U.S. has classified the A7 network as a transnational criminal organization, and the EU is moving towards a complete ban on all cryptocurrency transactions involving Russian entities.
A UK operation aimed at tackling Russian sanctions evasion has resulted in 128 arrests and the seizure of both cryptocurrency and cash assets.
In May, Kyrgyzstan mandated that 50 companies cease operations after government agencies identified them as potential risks for sanctions violations.