The UK Foreign, Commonwealth & Development Office (FCDO) has sanctioned five crypto and payment platforms suspected of facilitating transactions to help Russia bypass international financial restrictions. The action, announced on October 8, forms part of a broader 38-designation package also targeting oil companies, tankers, and military suppliers.
The designated platforms are Xeltox Enterprises Ltd., TokenSpot, Tsunami Payments, Processing KG, and Planeta. Blockchain intelligence firm TRM Labs identified Cryptomus and Heleket as brands operating under Xeltox's single corporate listing. Xeltox is registered in Canada, while TokenSpot, Tsunami Payments, and Processing KG are registered in Kyrgyzstan.
According to TRM Labs, TokenSpot transferred more than $950 million combined to previously sanctioned exchanges Grinex and Garantex, as well as the A7 network. The intelligence firm assessed with high confidence that TokenSpot operates as a front company for Grinex, citing shared wallet infrastructure.
The A7 payment system uses A7A5, a ruble-backed stablecoin issued by Old Vector LLC, which U.S. authorities designated in August 2025. British officials cited A7's claim of processing more than $90 billion in transactions last year.
Processing KG's director, Ulan Arymbaevich Bukabaev, also received a designation under the new sanctions. Under British law, people and businesses subject to UK jurisdiction must freeze the assets of designated parties and cannot make economic resources available to them.
The UK action follows a May 26 sanctions package targeting Russia-linked crypto and payment networks including HTX (formerly Huobi Global), Exmo, Bitpapa, Rapira, and entities associated with A7. International enforcement has continued, with Japan placing Garantex Europe OU under asset-freeze measures on October 2, and the U.S. Treasury designating A7 as a significant transnational criminal organization on October 1.
The October 8 British package also expanded sanctions coverage beyond financial channels, designating oil producer Zarubezhneft and investment firm INK Capital, bringing UK sanctions to cover above 90 percent of Russia's oil production capacity. Twelve additional shadow fleet tankers were added to sanctions lists, raising the total in that category above 600.
