The United Kingdom has imposed sanctions on three cryptocurrency exchanges, two payment platforms and one individual as part of a wider package aimed at financial services, oil revenue and suppliers accused of supporting Russia’s war in Ukraine.
The measures were announced by the Foreign, Commonwealth & Development Office on Oct. 8 within a 38-designation package. British authorities said they suspect the targeted financial businesses were helping Russia bypass sanctions, and said two of the platforms had processed or facilitated transactions involving A7, which the UK described as a Kremlin-backed financial network.
Crypto-linked firms named in the UK package
The entities named in the crypto-related portion of the package are Xeltox Enterprises, TokenSpot, Processing KG and Tsunami Payments, along with payment platform Heleket. The individual designated is Ulan Bukabaev, identified as a director of Processing KG.
The Foreign Office said Xeltox Enterprises is linked to cryptocurrency services Cryptomus and Heleket. It also noted that TokenSpot, Processing KG and Tsunami Payments are based in Kyrgyzstan, and that three of the targeted platforms have links to Kyrgyzstan.
Alleged links to the A7 network
According to the Foreign Office, two of the sanctioned platforms processed or facilitated transactions tied to A7. The department said A7 had claimed to move more than $90 billion during 2025 and accused the network of providing channels for transactions that would otherwise be restricted under sanctions on Russia’s financial sector.
The UK action follows steps by U.S. authorities earlier in the month. The U.S. Treasury sanctioned A7 on Oct. 1, while FinCEN separately proposed restrictions related to transfers connected to the network.
What the sanctions mean under UK rules
Guidance from the Office of Financial Sanctions Implementation states that asset freezes bar dealings with the funds and economic resources of designated persons, and that cryptoassets are explicitly covered. In practice, that means sanctioned holdings cannot be made available to, or used for the benefit of, those subject to the measures where UK sanctions jurisdiction applies.
The rules apply to people and businesses operating in UK territory, as well as to UK nationals and companies established under British law wherever they operate. The restrictions can also extend to companies owned or controlled by a designated person.
Broader European and UK enforcement steps
The UK crypto-related designations came after the European Union widened its own measures in July. That package added 14 crypto-related platforms operating in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus, including HTX, BitPapa, EXMO, Rapira, A7 Africa and A7 Nigeria.
Beyond the crypto sector, the UK’s Oct. 8 package also targeted Russian oil companies Zarubezhneft and INK Capital. The Foreign Office said sanctions now cover more than 90% of Russia’s total oil production capacity. It also designated 12 more tankers accused of operating in Russia’s shadow fleet and 17 entities and individuals linked to goods used in the war effort, including machine tools, electronics and materials for missile and drone production.
Next confirmed step
The immediate effect of the UK designations is the application of asset-freeze rules under British sanctions law to the named entities and individual. The announcement also places the crypto measures within a wider pattern of coordinated Western enforcement, with recent actions by the United States and the European Union focused on platforms and networks suspected of helping Russia continue restricted financial activity.
Source: crypto.news