Britain Sanctions Crypto and Payment Firms Over Russian Sanctions Evasion
The UK has added three crypto platforms and several payment providers to sanctions targeting Russia's financial network. The Foreign Office announced 38 measures, including entities tied to the A7 network and its ruble-pegged stablecoin. Sanctioned parties will have UK assets frozen and UK institutions barred from processing payments involving them.
The UK Foreign Office issued 38 designations. Among them were Canada-based Xeltox Enterprises, which runs Cryptomus, Heleket and Certa Payments, plus Kyrgyzstan-based TokenSpot. VexPay, Processing KG, Tsunami Payments and executive Ulan Bukabaev were also listed. Two firms were tied to the A7 network, operator of the ruble-pegged A7A5 stablecoin. The UK says A7 handled over $90 billion in a year, though blockchain analysts dispute that figure.
Earlier UK sanctions covered Grinex and Garantex, and US measures targeted A7A5’s backers and exchanges. The wider package includes oil producers, 12 shadow-fleet tankers and machinery/electronics suppliers. The EU’s 21st Russia package in July named 14 crypto firms and four A7-linked entities.
The sanctions could increase compliance costs for UK crypto and payment firms, which may need to screen and block listed counterparties. Russian-linked users and businesses could face frozen assets or disrupted cross-border payments, including some unrelated to sanctions evasion. Enforcement may also push activity toward less transparent channels, complicating oversight. Broader measures may affect shipping, energy and technology supply chains tied to Russia.