UK Sanctions Crypto Exchanges Over Suspected Russia-Linked Evasion

Key Takeaways

Cryptomus and Heleket Fall Under One UK Listing

Trading venues and payment providers suspected of helping Russia bypass financial restrictions became targets of new British sanctions on Oct. 8. The Foreign, Commonwealth & Development Office (FCDO) included them in 38 new designations covering financial services, oil companies, tankers, and military suppliers. Officials stated that two targeted platforms processed or facilitated transactions with the Kremlin-backed A7 network.

The FCDO stated:

“The message is simple: if you help Russia fund or equip this war, you will face the consequences.”

The targeted crypto and payment businesses include Xeltox Enterprises Ltd., TokenSpot, Tsunami Payments, Processing KG, and Planeta, according to TRM Labs. The blockchain intelligence firm identified Cryptomus and Heleket as brands covered by Xeltox’s single listing. Xeltox is registered in Canada, while TokenSpot, Tsunami Payments, and Processing KG are registered in Kyrgyzstan.

Processing KG’s director, Ulan Arymbaevich Bukabaev, also received a designation, while the company’s listing names Kyrgyzstan’s Finance Ministry as its parent. TRM explained that people and businesses subject to British jurisdiction must freeze designated parties’ funds and economic resources and cannot make them available to those parties.

TokenSpot Transfers Put A7 Connections in Focus

TokenSpot sent more than $950 million combined to previously sanctioned crypto exchanges Grinex and Garantex, and the A7 network, TRM reported Oct. 8. The firm assessed with high confidence that TokenSpot operates as a front company for Grinex, citing shared wallet infrastructure.

A7’s payment system uses A7A5, a ruble-backed stablecoin issued by Old Vector LLC, which U.S. authorities designated in August 2025. British officials cited A7’s claim of moving more than $90 billion last year, roughly half of Russia’s annual military expenditure.

U.S. authorities also targeted A7 on Oct. 1 through Operation Economic Outcast. The Treasury Department’s Office of Foreign Assets Control sanctioned it as a significant transnational criminal organization.

The recent U.S. action against A7’s digital asset infrastructure also involved a separate proposal from the Financial Crimes Enforcement Network to prohibit certain funds transfers involving the group’s intermediary companies, known as subagents. The agency issued an accompanying alert to financial institutions; the transfer prohibition remains proposed.

UK Extends Earlier Action Against Russia’s Crypto Channels

Britain’s latest measures follow a May 26 package targeting Russia-linked crypto and payment networks. That action included Huobi Global, known as HTX, Exmo, Bitpapa, Rapira, and entities associated with A7.

International enforcement continued when Japan placed Garantex Europe OU under asset-freeze measures on Oct. 2. The business had already faced U.S. restrictions and a March 2025 law enforcement operation. Treasury subsequently described Grinex as a successor created by Garantex personnel, with customer deposits transferred to the replacement venue.

Beyond financial channels, the Oct. 8 British package also designated Zarubezhneft and INK Capital, bringing UK sanctions coverage above 90% of Russia’s oil production capacity, the FCDO reported. Twelve more shadow fleet tankers used to evade oil controls were added, raising the total in that category above 600. Another 17 entities and individuals were targeted over military-critical supplies, including machine tools, electronics, and materials used in missile and drone production.