The United Kingdom sanctioned three cryptocurrency exchanges and two payment platforms on October 8, 2026 as part of a 38-entity package targeting financial channels used by Russia to bypass Western restrictions.
The Foreign, Commonwealth & Development Office (FCDO) identified Xeltox Enterprises Ltd, linked to the Cryptomus and Heleket services, alongside TokenSpot, Processing KG, and Tsunami Payments. Ulan Bukabaev, a director of Processing KG, was also designated. Three of the cited providers operated out of Kyrgyzstan, and the UK notice treats Xeltox Enterprises as a single designated entity with Cryptomus and Heleket listed as name variations of the same company.
According to the Office of Financial Sanctions Implementation (OFSI), crypto assets are explicitly classified as economic resources subject to asset freezes. The measures freeze assets, prohibit UK persons and entities from processing payments or maintaining financial relationships, and also impose trust services sanctions, director disqualification, correspondent banking restrictions, and internet services sanctions.
British authorities said two of the newly designated platforms processed transactions for the A7 network, described as a Kremlin-backed structure. The FCDO said A7 claimed to have moved more than $90 billion during 2025, a figure roughly equivalent to half of Russia’s annual military expenditure. The US Department of the Treasury designated A7 as a transnational criminal organization on October 1, 2026, under Operation Economic Outcast. FinCEN data shows intermediaries linked to the network cleared more than $17 billion in US dollar-denominated transactions between January 2025 and June 2026, and a public comment window on a related FinCEN proposal is scheduled to conclude in early November 2026.
The US Treasury also identified the ruble-backed A7A5 token, issued by Old Vector LLC, as a vehicle engineered for cross-border settlements outside conventional banking channels. The EU Council adopted its 21st sanctions package on July 23, 2026, introducing transaction bans against 14 crypto-related platforms, including HTX, BitPapa, and Rapira. The UK package also reached the energy and industrial sectors, sanctioning Russian oil entities Zarubezhneft and INK Capital and designating 12 additional maritime vessels.
The British designations rely on “reasonable grounds to suspect,” the standard for administrative sanctions rather than a court finding, and the targeted entities have not been convicted of any crime.
