The UK has sanctioned three cryptocurrency exchanges and two payment platforms suspected of helping Russian entities bypass financial restrictions. Three of the providers were linked to Kyrgyzstan, while two facilitated transactions through the Kremlin-backed A7 financial network.
The Foreign, Commonwealth & Development Office said cutting off the platforms would make it harder for sanctioned entities to move and access funds. A7 claimed to have transferred more than $90 billion in the previous year, an amount described as nearly half of Russia’s annual military expenditure.
Blockchain analytics firm Chainalysis found that payment processors Cryptomus and Heleket received funds from thousands of illicit counterparties, reaching 900 entities in one month in late 2025. Kyrgyzstan-based TokenSpot was also linked to A7, and TokenSpot, Grinex and Meer received more than $308 million from the same HTX deposit address.
The UK sanctioned Huobi Global, which operates HTX, in May. HTX said the designation applied only to Huobi Global as a separate legal entity and that its exchange and customer funds were unaffected.
Separately, CertiK reported that the ruble-backed A7A5 stablecoin had processed $110 billion in cumulative on-chain transactions by June, showing that activity connected to the network continued despite Western sanctions.