The U.K’s Foreign, Commonwealth and Development Office (FCDO) on Tuesday sanctioned 18 crypto exchanges, banks, and individuals using crypto – including Kyrgyzstan’s gold-backed stablecoin – to help Russia bypass international trade blockades.
The package targets the A7 network, a group of companies and individuals that claimed to last year move $90 billion into Russia’s economy using crypto – more than half of the country’s annual military budget.
It also includes HTX (formerly known as Huobi), one of the world’s largest international crypto exchanges: according to its annual report, HTX processed $3.3 trillion in trading volume in 2025. The U.K government suspects it has channeled over $1.5 billion to Russia, through flows to other sanctioned entities (Grinex and Garantex). HTX provided services to the A7 network, according to the government.
In May 2025 FCDO sanctioned A7 LLC, a Russian company that supports the Russian Ruble-backed stablecoin A7A5, for supporting Russia’s war in Ukraine. The more expansive sanctions package issued today goes after many other companies connected to A7, which issues the A7A5 stablecoin.
In August 2025, Chainalysis investigated the A7A5 stablecoin, which is issued in Kyrgyzstan, and notched $93 billion in trading volume in its first year, according to Chainalysis’ Crypto Crime Report. Most of that flowed through exchanges with strong Russian ties.
Chief among them were Grinex, which in April lost 1 billion rubles (then worth $13.7 billion) to an alleged hack it blamed on “foreign intelligence services” (according to its website), and subsequently shut down. Before that, it had been a primary trading hub for trading A7A5. Grinex was the direct successor of Garantex, a Russia-linked exchange that law enforcement shut down in March 2025 for facilitating global financial crime.
Many of the newly-sanctioned entities have direct exposure to Grinex and Garantex, as seen in this graph from Chainalysis Reactor.
The UK’s action closely follows the implementation of the EU’s even-broader sectoral ban on the entire Russian and Belarusian crypto economy, from exchanges like Grinex down to decentralized platforms, stablecoins and VASPs. It is a ratcheting up of continent-wide pressure on the economic pumps fueling Russia’s war in Ukraine.
The U.K’s action targets 18 crypto exchanges, banks, and individuals that comprise the “A7 Network” of companies supporting the Russian regime through cryptocurrency transfers.
The sanctions place restrictions on UK businesses’ and individuals’ interactions with the targeted entities. They have two facets:
Which cryptocurrency companies were sanctioned by the U.K. for Russian ties?
The U.K. sanctioned 18 entities and individuals comprising the “A7 Network,” including the major global exchange HTX (formerly Huobi). Other notable targets include EXMO Exchange, Rapira Group, and Bitpapa, all of which facilitated transactions with previously sanctioned Russian entities.
Why was the crypto exchange HTX sanctioned by the U.K.?
The U.K. government suspects HTX of channeling over $1.5 billion to Russia to help the regime bypass international trade blockades. This was allegedly achieved through direct flows to sanctioned exchanges and the facilitation of cash-outs for a Russian ruble-backed stablecoin.
What is the A7A5 stablecoin?
A7A5 is a Russian ruble-backed stablecoin issued in Kyrgyzstan that circulates across the Ethereum and TRON blockchains. It was heavily used by Russia-linked exchanges to evade international financial sanctions, logging $93 billion in trading volume in its first year alone.
What are the compliance requirements for U.K. businesses following these sanctions?
The sanctions mandate total asset freezes, prohibiting any U.K. citizen or business from interacting with funds owned or controlled by the designated entities. Furthermore, U.K. financial institutions are banned from processing payments or maintaining correspondent banking relationships with these sanctioned firms.
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