The UK Foreign, Commonwealth and Development Office (FCDO) imposed sanctions on 18 cryptocurrency exchanges, payment providers, and individuals for helping Russia bypass international trade blockades using digital assets. The package targets the A7 network, which claims to have moved $90 billion into Russia's economy via crypto. Notably, HTX (formerly Huobi), one of the world's largest exchanges, is suspected of channeling over $1.5 billion to Russia through flows to previously sanctioned entities like Grinex and Garantex. The sanctions include asset freezes and prohibitions on UK financial institutions processing payments or maintaining correspondent banking relationships with these entities. The action follows the EU's broader sectoral ban on the Russian and Belarusian crypto economy, intensifying pressure on financial networks funding Russia's war in Ukraine.

Key facts

• UK sanctions 18 crypto entities including HTX for facilitating Russia sanctions evasion.
• A7 network claimed to move $90 billion into Russia using crypto.
• HTX suspected of channeling over $1.5 billion to Russia via sanctioned exchanges.
• Sanctions include asset freezes and ban on correspondent banking with UK firms.
• Action follows EU's broader ban on Russian and Belarusian crypto economy.