UK sanctions crypto exchanges, payment platforms over Russian sanctions evasion

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UK sanctions crypto exchanges

Highlights

UK sanctioned five service providers, including three in Kyrgyzstan, for enabling Russian entities to evade financial restrictions and access funds via the A7 network.
The UK Foreign Ministry said the Kremlin-linked A7 financial network moved over $90 billion in 2023—almost half of Russia's annual military spending.
Chainalysis identified that sanctioned processors Cryptomus and Heleket received funds from thousands of illicit sources, while TokenSpot, Grinex, and Meer received over $308 million from the same HTX deposit address.

Sanctions target payment routes and A7 links

As reported by Cointelegraph, citing the UK Foreign, Commonwealth & Development Office, the new sanctions hit five service providers suspected of helping Russian entities circumvent financial restrictions. Three of the sanctioned providers are linked to Kyrgyzstan, while two are said to have facilitated transactions connected to the Kremlin-backed A7 network.

The UK Foreign Ministry says cutting off the platforms makes it harder for sanctioned entities to move and access funds. It adds that the A7 financial network claims to have moved more than $90 billion last year, nearly half of Russia's annual military expenditure.

Blockchain analytics firm Chainalysis says two sanctioned payment processors, Cryptomus and Heleket, received funds from thousands of illicit counterparties, peaking at 900 entities within a single month in late 2025. Chainalysis also says the Kyrgyzstani TokenSpot exchange is tied to the A7 network, and that TokenSpot, together with Grinex and Meer, received more than $308 million from the same HTX deposit address.

Crypto compliance pressure widens

In May, UK authorities included Huobi Global, the operator of crypto exchange HTX, in their sanctions package. HTX pushes back against the decision, saying the designation applies only to Huobi Global as a separate legal entity and that its online exchange and user funds remain unaffected.

Cointelegraph has approached TokenSpot, Cryptomus and Heleket for comment. Separately, CertiK says the Russian ruble-backed A7A5 stablecoin processes $110 billion in cumulative onchain transactions leading up to June, continuing to grow despite Western sanctions.

In our earlier coverage of the Kremlin-backed A7 payments network, we described how leaked documents suggested the group used a UK-registered fintech, Wooshpay, to help route money overseas after sanctions disrupted Russian trade flows. The report said A7 prepared forged paperwork and relied on front companies and specific banking channels to justify and execute transfers, highlighting growing regulatory exposure around the network’s payment infrastructure.

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