The UK government has introduced a new sanctions package targeting three cryptocurrency exchanges and two payment platforms. These entities are accused of assisting Russia in bypassing financial restrictions. The list includes Xeltox Enterprises, which operates Cryptomus, as well as Kyrgyz firms TokenSpot and Tsunami Payments. Processing KG, the operator of VexPay, and its director Ulan Bukabaev were also designated.
The sanctioned companies are linked to the A7 network, described by the UK as a Kremlin-backed illicit finance system. Authorities claim this network moved over $90 billion last year, an amount equivalent to approximately half of Russia's annual military expenditure. Two of the newly sanctioned firms facilitated transactions specifically for this network.
Beyond asset freezes, the designated companies face internet service restrictions. UK providers and platforms must now prevent local users from accessing their sites and applications. This crypto-focused action is part of a broader package of 38 targets, which also includes Russian oil companies and 12 tankers from the so-called shadow fleet.
The UK government reports that its current sanctions now cover over 90 percent of Russia's oil production capacity. Additionally, the package targets 17 entities and individuals involved in supplying critical components for missile and drone production. Previous UK operations against sanctions evasion have already resulted in 128 arrests and the seizure of cash and digital assets.
