The UK has sanctioned three crypto exchanges and two payment platforms suspected of helping Russia circumvent Western financial sanctions. The targets include Canadian company Xeltox Enterprises, owner of Cryptomus, as well as Kyrgyz firms TokenSpot, Tsunami Payments and Processing KG, the latter linked to Kyrgyzstan’s Ministry of Finance. The A7 network, described as a Kremlin-backed illicit finance network, reportedly moved more than $90 billion last year, roughly half of Russia’s annual military spending. This 38-designation package also includes Russian oil producers Zarubezhneft and INK Capital, as well as 12 shadow fleet tankers. UK sanctions now cover more than 90% of Russia’s oil production capacity.
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