Britain has announced fresh sanctions targeting cryptocurrency exchanges, financial networks and banks accused of helping Russia evade Western restrictions imposed after the invasion of Ukraine.
The new sanctions package freezes assets and prohibits UK businesses from processing payments or maintaining banking relationships with the organisations and individuals named.
British officials said the measures were designed to disrupt what they described as “shadow financial systems” allegedly used to move money, finance procurement and bypass sanctions introduced against Russia since the start of the war in Ukraine.
Among the most significant targets is the Kremlin-backed A7 financial network, which the British government says helped channel funds through overseas banking systems to support Russia’s economy and military-linked activity.
The sanctions also cover cryptocurrency exchanges, financial firms and individuals connected to Russia-focused financial operations in countries including Kyrgyzstan, Georgia and the United Arab Emirates.
British Foreign Secretary Yvette Cooper said the government would continue coordinating with international partners to identify and shut down financial structures supporting Moscow’s war effort.
She said Britain would act “fast and decisively” to expose and dismantle networks enabling Russia’s aggression.
Among those sanctioned is HTX, one of the world’s largest cryptocurrency exchanges, formerly known as Huobi.
According to the UK sanctions list, the platform was involved in providing financial resources, technology or services linked to Russia’s financial sector.
A spokesperson for HTX said the company complied with regulatory requirements in every jurisdiction where it operated and described compliance as a top priority.
The latest measures come as British authorities intensify scrutiny of cryptocurrency firms amid concerns that digital assets are being used to bypass sanctions and move funds across borders.
Last year, the Financial Conduct Authority launched legal action against HTX, accusing the exchange of unlawfully promoting cryptoasset services to British consumers.
Russia’s embassy in London condemned the sanctions, calling them “unlawful and futile” and arguing that Russia had adapted to external economic pressure.
The announcement came less than a week after Britain delayed a planned ban on imports of diesel and jet fuel refined from Russian crude in third countries, saying a phased approach was needed to limit disruption to fuel supplies.
Western governments have steadily expanded sanctions against Russia since the full-scale invasion of Ukraine, targeting banks, energy exports, oligarchs and financial institutions in an effort to weaken Moscow’s ability to finance the war.
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