Updated: 2026-05-26
- Authorities The UK has imposed sanctions against Russian-linked cryptocurrency platforms, banks, and financial networks.
- Bitpapa IC FZC LLC was classified as a “shadow financial system” Exmo Exchange Limited, Aifory LLC, Rapira Group LLC, etc.
On according to ReutersOn Tuesday, the UK imposed sanctions on Russian-linked cryptocurrency platforms, banks, and financial networks allegedly used to circumvent sanctions. As a result, their assets were frozen, and British companies were banned from processing payments and maintaining banking relationships.
The measures target the «shadow financial systems» that underpin the Russian economy, including the A7 network, which the UK alleges was used to finance procurement and exploit foreign banking systems to circumvent restrictions.
The sanctions list includes crypto exchanges and organizations linked to Russia, such as a Kyrgyz bank and a number of companies registered in Georgia and the United Arab Emirates.
We will continue to act swiftly and decisively, together with our allies, to identify, disrupt and dismantle these networks so that those who facilitate Russian aggression are held accountable,» said Foreign Secretary Yvette Cooper.
The companies Bitpapa IC FZC LLC also came under attack. Exmo Exchange Limited, Aifory LLC, Rapira Group LLC and HTX, who were accused of providing financial services and economic resources to A7 Limited Liability Company.
Elliptic analysts came to the conclusionThis is the first time the UK has imposed sanctions on cryptocurrency exchanges with links to Russia.
Let us recall that this step was taken almost a week after the UK stated, which will postpone the introduction of a ban on the import of diesel fuel and aviation fuel obtained from Russian oil and processed in third countries.
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