UK Sanctions Crypto Platforms Over Russia Links: Who’s on the List?

The United Kingdom has added crypto and payment firms to a new sanctions package over suspicions they helped Russia evade sanctions, freezing the targeted companies’ assets in the country.

According to CoinDesk, the package announced on Thursday, October 8, consists of 38 new sanctions measures covering financial networks linked to Russia, as well as energy, transportation, and supply activities. On the crypto front, restrictions targeting specific platforms and the companies behind them stand out.

Which Crypto and Payment Firms Were Targeted?

The new list includes Canada-registered Xeltox Enterprises and Kyrgyzstan-based TokenSpot. Xeltox is identified as a company connected to Cryptomus, Heleket, and Certa Payments.

On the payments side, the sanctions also cover Processing KG, which operates VexPay, Tsunami Payments, and Ulan Bukabaev, a Processing KG executive.

Under the decision, the targeted organizations’ assets in the United Kingdom were frozen, while British financial institutions were prohibited from processing payments to, from, or through certain firms.

Russia-Linked A7 Network Under Scrutiny

The British government says two of the targeted businesses conducted or facilitated transactions linked to the Kremlin-backed A7 network. The network uses A7A5, a ruble-pegged stablecoin; British authorities allege that the structure serves to circumvent sanctions on Russia’s financial sector.

The government statement says A7 claimed to have processed more than $90 billion in transactions last year. Blockchain data firms had disputed the scale of A7A5’s actual activity.

The United Kingdom had previously sanctioned Grinex and Garantex. Alongside crypto and payment channels, the new package targets Russian oil producers, 12 tankers, and suppliers of materials said to be used in missile and drone production.