UK Sanctions Crypto Firms Tied to Russian Sanctions-Busting Network

On 8 October Britain added several crypto and payment firms to its sanctions list for allegedly helping Russia evade restrictions through the A7 network. The targets include Xeltox Enterprises Ltd (and its brands Cryptomus and Heleket), TokenSpot, Tsunami Payments, Processing KG and Planeta, most of them registered in Kyrgyzstan.

Blockchain analytics firm TRM Labs says TokenSpot alone moved more than $950 million to already-sanctioned platforms Grinex and Garantex as well as to A7. The network, which runs the ruble-backed stablecoin A7A5, claimed last year to have processed over $90 billion — roughly half of Russia’s annual military budget.

The UK also sanctioned Processing KG director Ulan Arymbaevich Bukabaev. The new package follows earlier British measures from May and aligns with recent US and Japanese steps against the same ecosystem.

Based on information from cryptonews.net