The UK’s Foreign, Commonwealth and Development Office (FCDO) announced the sanction of 18 crypto exchanges, banks, and crypto individuals, which includes Kyrgyzstan-linked stablecoin infrastructure, to assist Russia evade international trade blockades. The main target is the A7 network, which is a group of companies that has claimed to drive around $90 billion (roughly Rs. 8,61,120 crore) into the Russian economy last year using crypto. The amount happens to be more than half of the country’s annual military budget. Furthermore, the UK government has added HTX exchange to its list of sanctioned entities over its support of Russia.
HTX and A7-Linked Entities Added to UK Sanctions List
HTX exchange, formerly known as Huobi Global, based out of Panama, was the latest to be named as part of a crackdown on entities exploited by Russia to circumvent UK sanctions. UK authorities further stated that they have a justified suspicion of HTX. Last year, in May 2025, FCDO had sanctioned A7 LLC, a Russian company that backs the Ruble-stablecoin A7A5, which was used to support Russia in its war against Ukraine. Today’s announcement is more of an expansive step, as many other companies connected to A7, which issues the A7A5 stablecoin.
The sanctions that are placed on UK businesses and individuals operate under two pillars. First is Asset Freezes, which prohibits any UK citizen or business from dealing with funds or economic reserves owned, held, or controlled by the designated entities. For the exchanges in the A7 Network, this means a total freeze on any assets touched by UK jurisdiction.
This is not the first time that HTX has come under the radar of the UK’s regulatory authority. In 2025, the Financial Conduct Authority (FCA) opened legal proceedings against the company for illegal crypto promotions on social media. The UK watchdog said that HTX had pushed promotions on TikTok, X, Facebook, Instagram, and YouTube, in violation of marketing rules.
Earlier in April, Grinex crypto exchange, which is also deeply linked to assisting the Russian economy and providing funds for the country’s military operations against Ukraine in 2022, had suspended trading operations after losing more than RUB 1 billion, which amounts to $13.4 million (roughly Rs. 128 crore). The suspected attack showed signs involving foreign intelligence agencies. The exchange further said that the funds were taken from 54 addresses and that the nature of the attack, along with the digital footprint, indicates that this attack was of an unprecedented level of resources and technology. Grinex remains under scrutiny now, as it has been described as a continuation of the previously blacklisted Garantex platform.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
