UK Targets Crypto Exchanges Over Alleged Russia Sanctions Evasion

The Foreign, Commonwealth & Development Office identified the targeted businesses as Xeltox Enterprises, TokenSpot, Processing KG, and Tsunami Payments. Authorities suspect these entities processed transactions for the Kremlin-backed A7 network, which claimed to have moved over $90 billion during 2025. Ulan Bukabaev, director of the Kyrgyzstan-based Processing KG, was also personally designated. Under the Office of Financial Sanctions Implementation guidance, these measures freeze assets and prohibit British nationals or companies from engaging with the sanctioned entities, with cryptoassets explicitly included under the scope of enforcement.

Global crackdown on financial intermediaries

International pressure on the A7 network has intensified, with the U.S. Treasury designating the group as a transnational criminal organization on Oct. 1. American authorities allege that network-linked agents processed more than $17 billion in dollar-denominated transactions over an 18-month period. The U.S. has specifically targeted the ruble-backed token A7A5, which was created to generate revenue for sanctioned infrastructure. Meanwhile, the European Union expanded its own restrictions in July, applying transaction bans to 14 crypto-related platforms across jurisdictions including Georgia, the UAE, and Belarus. Beyond the digital asset space, the UK’s latest move also hit Russian oil giants Zarubezhneft and INK Capital, alongside 12 tankers suspected of operating within Russia’s shadow fleet.