UK Sanctions Five Crypto and Payment Firms Over Russia Allegations

The UK sanctioned three crypto exchanges and two payment platforms in a 38-target package, alleging that the businesses helped Russia bypass financial restrictions.

The designations include Canada-registered Xeltox Enterprises, which operates Cryptomus, Heleket and Certa Payments, as well as Kyrgyzstan-based TokenSpot. Processing KG, which operates VexPay, and Tsunami Payments were also targeted. Processing KG director Ulan Bukabaev was separately designated.

The UK said two of the targeted businesses processed or facilitated transactions connected to the A7 network, a Kremlin-backed cross-border payment system. The network uses a mix of crypto and traditional payment channels, including the ruble-pegged A7A5 stablecoin, to move funds through third countries, the UK said.

The sanctions freeze the UK assets of designated entities and prohibit UK financial institutions from handling related payments. The package also covers Russian oil producers, suppliers tied to missile and drone production, and 12 shadow-fleet oil tankers.

The action expands the UK’s focus from individual crypto platforms to payment networks alleged to support sanctions evasion.