Photo: Chris Lawton

UK sanctions A7 network and crypto exchanges over $1.5 billion in Russian war funding

Foreign Secretary Yvette Cooper said the Kremlin was "gravely mistaken" if it believed crypto networks and shadow banking systems could shield it from sanctions enforcement.

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Add us on Google by Vivian Nguyen May. 26, 2026

Britain announced Tuesday a tough new wave of sanctions aimed at disrupting the crypto and financial networks Russia uses to bypass Western restrictions and sustain its war against Ukraine.

The measures target crypto exchanges, shadow finance systems, and sanctions evasion routes that the Kremlin increasingly relies on as existing penalties continue to strain the Russian economy.

The new sanctions package places emphasis on the Kremlin-linked A7 network, which UK authorities say uses Kyrgyzstan’s financial infrastructure to move funds into Russia’s war economy. The network allegedly processed more than $90 billion last year through military procurement channels and oil-related transactions supporting Moscow’s war effort.

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The UK says it is leading the international push to modernize sanctions enforcement and move faster against evolving Russian evasion tactics. Officials argue Russia’s economic position is deteriorating under pressure, pointing to Moscow’s recent decision to slash its projected 2026 growth forecast from 1.3% to 0.4% while also cutting its 2027 outlook in half.

Foreign Secretary Yvette Cooper said there would be “no safe havens” for those enabling Russian aggression through crypto and illicit financial systems. She stressed that Britain would continue tracking and shutting down the financial lifelines sustaining Putin’s war machine while coordinating closely with international allies.

The package introduces 18 new designations targeting Russia’s underground financial infrastructure, including several high-profile crypto-related entities. Among the most prominent entities are Huobi Global S.A. (associated with the HTX/Huobi platform), EXMO Exchange Limited, Bitpapa IC FZC LLC (a peer-to-peer trading platform), and crypto-fintech firm Rapira Group LLC, along with Sergey Mendeleev, a Russian entrepreneur tied to Garantex and other sanctions-sensitive ventures.

The sanctions also cover a Kyrgyz bank suspected of facilitating network payments and three Georgian firms operating Russia-focused exchanges intended to circumvent sanctions.

British officials say the latest sanctions represent another major escalation in efforts to erode Russia’s ability to finance its illegal invasion of Ukraine.

Since the war began, the UK has sanctioned more than 3,300 individuals, businesses, and ships, while estimating that international sanctions have deprived Russia of over $450 billion in economic value tied to the war effort.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.