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UK Targets Cryptomus and TokenSpot in New Russia Sanctions Package

The UK FCDO sanctioned crypto exchange Cryptomus via its Vancouver registered owner Xeltox Enterprises and linked platform Heleket, Kyrgyz firms TokenSpot and Tsunami Payments, and payment processor Processing KG which operates VexPay and is owned by Kyrgyzstan's Ministry of Finance, plus its director Ulan Bukabaev, for allegedly helping Russia evade financial sanctions. Two of the designated entities reportedly processed transactions for the Kremlin backed A7 illicit finance network, which claims to have moved over 90 billion dollars last year, roughly half of Russia's annual military spending. The 38 target package, which also hit oil producers Zarubezhneft and INK Capital and 12 shadow fleet tankers, follows earlier UK and EU action against Justin Sun's HTX and extends a pattern of Western sanctions targeting crypto rails used for Russia sanctions evasion.