UK Targets Cryptomus and TokenSpot Amid Russia Sanctions Package

UK Targets Cryptomus and TokenSpot in New Russia Sanctions Package

The UK has sanctioned a set of cryptocurrency and payment platforms it says helped Russia circumvent financial restrictions, adding the designations to a broader package aimed at cutting off revenue and supply chains linked to Moscow’s war in Ukraine.

The measures, announced on October 8, 2026, were made under the Russia (Sanctions) (EU Exit) Regulations 2019. In total, the Foreign, Commonwealth, and Development Office (FCDO) added 38 new designations covering entities, individuals, and vessels.

Among the crypto-related targets, the UK designated Xeltox Enterprises Ltd, a Vancouver-registered company the government says owns Cryptomus. The sanctions notice said Xeltox was designated both through its ownership of Cryptomus and activities “linked to and continued via” Heleket.

The UK also designated TokenSpot, a cryptocurrency exchange based in Bishkek, Kyrgyzstan. The government cited blockchain analysis indicating significant transactions between TokenSpot and entities tied to the Kremlin-backed A7 financial network, as well as sanctioned exchanges Grinex and Garantex.

In addition, Kyrgyz firms Tsunami Payments and Processing KG were designated, alongside Ulan Bukabaev, identified as a director of Processing KG. The UK sanctions notice also listed Planeta and Moscow-based bank Stolichny Kredit as part of the wider action targeting financial channels used to move money around restrictions.

Why it matters: UK sanctions typically impose asset freezes and related restrictions designed to limit designated parties’ access to UK-linked financial services. By naming crypto exchanges and payment processors, the UK is signaling that digital-asset infrastructure is a priority area in its sanctions-enforcement strategy, particularly where it believes platforms support cross-border payments outside traditional rails.

• Three crypto exchanges were designated, alongside two payment platforms and one individual tied to a payment firm.
• The UK said two of the targeted businesses facilitated transactions involving the A7 network.
• The package also targeted oil revenue and logistics, adding 12 “shadow fleet” tankers and expanding restrictions on suppliers linked to missile and drone production.

The crypto and payments designations were included in a package that also hit Russian oil producers Zarubezhneft and INK Capital. The UK government said its sanctions now cover more than 90% of Russia’s oil production capacity, alongside measures aimed at the “shadow fleet” of vessels used to transport oil and networks supplying goods critical to weapons manufacturing.

By combining designations against oil producers, shipping assets, military supply chains, and crypto-linked payment channels, the UK is attempting to constrain multiple routes Russia can use to generate revenue or move funds internationally despite existing sanctions.