UK blacklists Cryptomus, Heleket and TokenSpot over Russia links

What happened

The United Kingdom has sanctioned the cryptocurrency platforms Cryptomus, Heleket and TokenSpot as part of 38 new Russia-related designations covering financial services, payment networks, oil companies and suppliers linked to Moscow's war in Ukraine. The Foreign, Commonwealth & Development Office imposed the restrictions under the Russia (Sanctions) (EU Exit) Regulations 2019.

British authorities named Xeltox Enterprises, a Vancouver-registered company, over its ownership of Cryptomus and activity linked to Heleket. Cryptomus, Heleket and Certa Payments were listed as names associated with Xeltox and treated under a single sanctions designation.

Other financial targets include Kyrgyzstan-based TokenSpot and Tsunami Payments, Processing KG and its director Ulan Bukabaev, plus Russian companies Planeta and commercial bank Stolichny Kredit. Beyond asset freezes, four companies face internet services sanctions, which require social media platforms, internet providers and app stores to take reasonable steps to stop UK users accessing their sites and apps.

Why it matters

The listings connect the platforms to A7, which the UK describes as a Kremlin-backed illicit finance network used to circumvent sanctions on Russia's financial sector. The government said the network claimed to have moved more than $90 billion last year, roughly half of Russia's annual military spending.

TRM Labs found that Cryptomus and Heleket shared infrastructure and liquidity sources, with both services processing transactions involving sanctioned exchanges. The firm's blockchain data showed TokenSpot transferred more than $950 million combined to A7, Garantex and Grinex.

During 2025, illicit transactions accounted for 0.6% of Heleket's incoming volume, nearly five times the average among payment service providers in TRM's dataset. Sanctions-related entities, primarily Garantex, represented 60% of those illicit inflows.

The crypto listings sit inside a wider package. UK sanctions now cover more than 90% of Russia's oil production capacity, and the package adds 12 shadow fleet tankers, taking the sanctioned total above 600, plus 17 entities and individuals supplying goods for Russia's missile and drone production.

What the data shows

• Cryptomus recorded a decline in monthly onchain transaction volume from $153 million in January to $86 million in March, while activity on Heleket grew.
• By April 2026, Cryptomus had received $1.86 billion and sent $1.63 billion in onchain transactions.
• Garantex was Cryptomus's largest sanctioned counterparty, accounting for more than $204 million received by Cryptomus and $101 million sent to the exchange.
• Both services used a 0.4% processing fee and shared unusual wording across their websites, and Heleket began operating in January 2025.

Background

• In May, the UK sanctioned Justin Sun's HTX and other crypto firms, accusing HTX of providing financial services to A7.
• The U.S. has since designated the A7 network as a transnational criminal organization, and the EU has moved toward a ban on all crypto transactions with Russian entities.
• A UK operation targeting Russian sanctions evasion has also led to 128 arrests and seizures of crypto and cash, and Kyrgyzstan ordered 50 companies to cease activity after state agencies flagged them for sanctions risks.

What is still unclear

• Two of the targets processed and facilitated transactions with the A7 network, the government said, without specifying which.
• TRM Labs assessed with high confidence that the two payment services shared operational infrastructure, personnel, branding and liquidity sources, but the reports do not say whether those links continue.

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