The United Kingdom has imposed its broadest cryptoasset-focused sanctions packages to date, tightening pressure on networks accused of helping Russia evade Western financial restrictions.
British authorities applied Regulation 17A of the Russia (Sanctions) (EU Exit) Regulations 2019 to crypto exchanges for the first time, expanding compliance obligations for UK virtual asset service providers (VASPs).
The package targets several crypto exchanges and crypto-related entities that officials say have helped Russian users to bypass sanctions following the disruption of the sanctioned exchange Garantex.
One of the sanctioned entities is HTX ( formerly known as Huobi Global), one of the world’s largest crypto exchanges with reported trading volumes of $3.3 trillion in 2025. UK authorities suspect the platform provided services linked to A7, a sanctioned Russian payments network, as well as Garantex.
Other entities sanctioned include Rapira Group LLC, designated for involvement in Russia’s financial services sector, and Nueva Cryptologia SAS de CV (ABCEX), a trading platform linked to sanctioned figure Sergei Mendeleev. ABCEX is suspected to have ties with the sanctioned Garantex and Grinex exchanges. The sanctions package also names Aifory Pro, a Russia-based cash-to-crypto exchange, and Arvix LLC, which authorities say maintained suspected ties to Garantex and Grinex.
Bitpapa peer-to-peer exchange was also designated. The UAE-based platform facilitates informal crypto transactions and had previously been sanctioned by the United States in March 2024.
The UK action largely targets the Russia-linked A7 network, which officials say is a critical tool for sanctions circumvention and facilitating payments connected to Russian oil exports.
Authorities designated OJSC Virtual Asset Issuer (USDKG), the issuer of the Kyrgyz state-backed USDKG stablecoin, which is gold-backed and pegged 1:1 to the US dollar. The UK said the company was suspected of “carrying on business of economic significance to the Government of Russia.” Alistera Limited was also sanctioned for supporting the A7 network and its ruble-backed stablecoin project A7A5.
In addition, the UK imposed sanctions on individuals and entities linked to A7, including OJSC State Brokerage Company, Diamond Estate LLC, Trace Road LLC, as well as Liran Cohen, Igor Gorin and Irina Akopyan. British authorities said entities connected to A7 had actively used Kyrgyzstan’s financial system to move funds through cryptocurrencies.