Oct 9, 2026, 6:14 a.m. EDT
2 min read
Summary
- The U.K. sanctioned three cryptocurrency exchanges and several payment platforms as part of 38 new designations targeting networks suspected of helping Russia evade sanctions.
- The Foreign Office said two targeted businesses had facilitated transactions involving A7, a Kremlin-backed network whose ruble-pegged A7A5 stablecoin is allegedly used to bypass financial restrictions.
- The measures freeze the designated entities’ U.K. assets and also target Russian oil producers, shadow-fleet tankers and suppliers linked to missile and drone production.
The U.K. imposed sanctions on three digital asset exchanges on Thursday as part of an initiative involving 38 fresh designations directed at financial networks believed to be assisting Russia in avoiding restrictions.
The Foreign Office identified Xeltox Enterprises, the Canadian-based firm operating the Cryptomus, Heleket, and Certa Payments crypto exchanges, alongside TokenSpot, which is located in Kyrgyzstan. It additionally penalized payment platforms Processing KG, the operator of VexPay, and Tsunami Payments, together with Ulan Bukabaev, who serves as a director at Processing KG.
The government noted that a pair of the targeted entities handled or supported transfers connected to A7, a Kremlin-supported network that runs the ruble-linked A7A5 stablecoin, which authorities state is utilized to circumvent measures placed on Russia’s financial ecosystem. A7 reported last year that it had transacted upward of $90 billion, according to the British government’s announcement.
The U.K. penalized several additional cryptocurrency platforms during May, asserting they assisted Moscow in bypassing Western penalties. Those particular platforms included Huobi and HTX.
This latest enforcement broadens oversight beyond the trading platforms previously associated with the infrastructure behind A7A5. British authorities earlier penalized Grinex and Garantex, whereas the U.S. subsequently went after the corporate entities and leaders behind both the digital token and the exchanges. On-chain analytics organizations have contested the true volume of A7A5 transactions taking place.
Based on the British designations, any holdings belonging to these listed organizations within the nation are frozen. UK financial institutions are prohibited from processing transactions to, from, or through a number of these corporations.
These actions form a broader package comprising slightly over thirty designations connected to the ongoing conflict in Ukraine. The measures additionally encompass Russian petroleum enterprises Zaribezjmeft and INK Capita, 12 shadow-fleet oil tankers, as well as providers of industrial equipment, technology, and other merchandise utilized, according to the U.K., in Russian missile and drone manufacturing.
The European Union (EU) unveiled its twenty-first sanctions package directed at Russia back in July, focusing on 14 crypto enterprises alongside four listings associated with the cross-border A7 network.
Originally published at https://www.coindesk.com/policy/2026/10/09/uk-slaps-sanctions-on-three-crypto-exchanges-over-alleged-russia-links.
