UK sanctions three crypto exchanges over alleged Russia links

The UK has sanctioned three cryptocurrency exchanges and two payment services as part of 38 new designations targeting networks suspected of helping Russia evade financial sanctions. The Foreign Office named Xeltox Enterprises, the Canadian-registered company behind exchanges Cryptomus, Heleket and Certa Payments, plus Kyrgyzstan-based TokenSpot, and payment platforms Processing KG (operator of VexPay) and Tsunami Payments.

• Two of the targeted businesses reportedly processed transactions involving A7, the Kremlin-backed network behind the ruble-pegged A7A5 stablecoin, which the UK says is used to bypass sanctions; A7 claimed to have moved over $90 billion last year.
• The measures freeze the entities' UK assets and bar British financial institutions from processing payments to or through several of the firms.
• The package also targets Russian oil producers, shadow-fleet tankers and suppliers tied to missile and drone production.

The action extends a UK crackdown that previously sanctioned Huobi and HTX in May, following earlier designations of Grinex and Garantex.