UK sanctions crypto platforms over suspected Russia links

The United Kingdom announced sanctions on October 8 against three cryptocurrency exchanges, two payment platforms and other targets, saying it suspected the financial businesses of helping Russia bypass sanctions. The package forms part of 38 designations targeting financial services, oil revenue and suppliers accused of supporting Russia’s war in Ukraine. The Foreign, Commonwealth and Development Office said two of the targeted platforms had processed or facilitated transactions involving A7, a financial network it described as Kremlin-backed. The department said A7 claimed to have moved more than $90 billion during 2025. That volume is the network’s own claim, not an independently established total. The named crypto-related targets included TokenSpot, Processing KG and Tsunami Payments, as well as Xeltox Enterprises, which is linked to the Cryptomus and Heleket services. The UK said three targeted platforms had links to Kyrgyzstan. Processing KG director Ulan Bukabaev was also among those designated. Blockchain-analysis firms have described transaction links between some of the services and sanctioned networks.