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The UK announced Russia-related sanctions on 8 October 2026, naming three crypto exchanges and two payment platforms as part of a wider package. The Foreign, Commonwealth & Development Office (FCDO) said it suspected the entities were being used to help Russia circumvent financial sanctions, and said two had processed or facilitated transactions with the A7 network. Those are the UK’s stated suspicions and grounds—not findings established by a court or independent proof published with the announcement.
Which crypto-related entities did the UK designate?
The FCDO said its package included three crypto exchanges and two payment platforms. The legal notice identifies designated entities and, in one case, service names as aliases. That distinction matters: Cryptomus and Heleket are listed as name variations of Xeltox Enterprises Ltd, rather than as two additional designated legal entities.
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| Designation record | Names or details in the notice |
|---|---|
| Xeltox Enterprises Ltd | Cryptomus and Heleket are listed as name variations. The notice says Xeltox’s Russia-related activity was through its ownership of Cryptomus and activities linked to and continued via Heleket. |
| TokenSpot CJSC | Named as a designated entity. |
| Tsunami Payments LLC | Named as a designated entity. |
| OJSC Processing KG | Named as a designated entity; the notice lists the Kyrgyz Ministry of Finance as its parent company. |
The notice lists TokenSpot CJSC, Tsunami Payments LLC and OJSC Processing KG at Bishkek addresses, while Xeltox Enterprises Ltd is listed at a Vancouver, British Columbia address. The FCDO described three entities in the package as linked to Kyrgyzstan; the Vancouver address for Xeltox should not be confused with that geographic description. The official sanctions notice contains the designation details and aliases.
What did the UK allege about Russia and A7?
The FCDO said it suspected the designated crypto and payment entities were being used by Russia to circumvent financial sanctions. It said two had processed and facilitated transactions with the A7 network. The announcement described the action as part of a package of 38 new designations, not as a separate finding about every named company.
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The FCDO reported that A7 had claimed to move more than $90 billion in the previous year, which the UK compared with roughly half of Russia’s annual military expenditure. The figure is A7’s claim as reported by the FCDO; the cited announcement does not independently verify it.
Third-party analysis should be kept distinct from the government’s legal record. TRM Labs describes Cryptomus and Heleket as name variations of Xeltox Enterprises Ltd, and assesses TokenSpot as a front company for the sanctioned exchange Grinex. The latter relationship is TRM’s assessment, not a finding stated in the UK notice. See TRM Labs’ analysis for its explanation.
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What do the sanctions restrict?
The notice records asset freezes and restrictions involving correspondent banking relationships and payment processing for specified designated persons. It states that UK credit or financial institutions must not establish or continue correspondent banking relationships with a designated person, or process payments to, from or via one. The restrictions also apply to institutions owned or controlled by a designated person as set out in the regulations.
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How to check the current designation record
The FCDO says the UK Sanctions List became the sole source for UK sanctions designations from 28 January 2026. The list records additions and corrections dated 8 October 2026. Because entries can be corrected or varied, consult the live list and relevant regulations rather than relying on a cached article or a service name alone.
- Open the UK Sanctions List and search for the legal entity name, such as Xeltox Enterprises Ltd or TokenSpot CJSC.
- Check any listed aliases or name variations; for Xeltox, the notice includes Cryptomus and Heleket.
- Review the current entry and applicable regulations for the measures and scope. Do not infer a person’s status or a payment restriction solely from a similar trading name.
The FCDO’s announcement of the package is available at GOV.UK.
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