UK Blacklists Multiple Crypto Platforms, Accusing Them of Aiding Russia in Evading Trade Restrictions

On May 27, according to FinanceFeeds, the UK government has officially imposed immediate financial sanctions on multiple cryptocurrency exchanges, peer-to-peer trading services, and shadow financial networks, accusing these digital asset entities of systematically undermining existing Western trade restrictions as alternative capital channels. The sanctions list includes 18 entities, such as EXMO Exchange, Bitpapa, Rapira, and Nueva Cryptologia. Investigations by UK intelligence agencies reveal that the Kremlin-backed A7 payment network transferred over $90 billion through digital channels last year to fund military procurement and handle capital transfers related to Russian crude oil exports. The sanctions include global asset freezes, a complete ban on correspondent banking, and transaction processing prohibitions, preventing UK financial institutions from interacting with the designated entities. The sanctions also target related entities operating in Kyrgyzstan, Georgia, Panama, and the United Arab Emirates.