Britain has imposed a new package of sanctions targeting Russian-linked cryptocurrency platforms, banks and financial networks accused of helping Moscow bypass existing restrictions on its economy.
The measures freeze the assets of 18 entities and individuals while barring UK firms from processing payments or maintaining correspondent banking relationships with those named.
The government described the targets as part of “shadow financial systems” supporting Russia’s war economy, including the Kremlin-backed A7 network allegedly used to route funds and exploit foreign banking systems.
The A7 network is accused of financing procurement operations and channelling money through overseas financial institutions in a deliberate effort to circumvent International sanctions.
The package targets Crypto exchanges and entities operating Russia-focused platforms, including a Kyrgyz bank and multiple firms registered in Georgia and the United Arab Emirates.
Britain said it was “tracking down and shutting off” payment routes that the government believes are fuelling Moscow’s continued military invasion of Ukraine.
Foreign minister Yvette Cooper said in a statement: “We will continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks, and ensure those enabling Russia’s aggression face consequences.”
Among those sanctioned was Huobi Global S.A., one of the world’s largest crypto exchanges, founded in China in 2013 and now operating under the name HTX.
Britain’s sanctions list stated that Huobi was involved in providing funds, economic resources, goods or technology to individuals and entities operating within Russia’s financial sector.
The Financial Conduct Authority filed a lawsuit against HTX last October, accusing the exchange of unlawfully promoting crypto asset services to British consumers ahead of this latest regulatory action.
Neither HTX nor the FCA responded immediately to requests for comment on the new sanctions or the status of the existing legal proceedings against the exchange.
The Russian embassy in London also did not respond to a request for comment on the sanctions package announced on Tuesday.
The sanctions move follows a separate decision by Britain last week to defer a planned ban on imports of diesel and jet fuel derived from Russian crude refined in third countries, citing supply pressures.
The government described that deferral as a phased approach rather than any softening of its overall sanctions posture toward Russia, maintaining that pressure on Moscow’s economy remains a priority.