The UK government today announced a fresh round of sanctions aimed at Russia, specifically targeting cryptocurrency transactions and the uranium trade. The move, effective immediately, bars British firms and individuals from facilitating crypto transfers linked to Russian entities and prohibits the import or supply of Russian uranium and related nuclear materials. It's the first time London has explicitly listed crypto services in a sanctions package, signaling a harder line on digital assets used to bypass financial restrictions.
Cryptocurrency on the sanctions list
The new measures cover any crypto-asset transaction—exchange, wallet transfer, or payment—that involves a Russian-designated person or that supports Russia's energy sector. The UK Treasury's Office of Financial Sanctions Implementation (OFSI) will now require all crypto firms registered in Britain to screen for Russian-linked activity and freeze assets if needed. The move closes a loophole that regulators have warned about for months: bitcoin and ether moving through unregulated channels to fund state-backed operations.
Uranium trade targeted
Alongside crypto, the sanctions hit Russia's nuclear fuel exports. Britain will ban the import of Russian uranium, enriched uranium, and plutonium, as well as technical services for nuclear reactors. While the UK gets only a small fraction of its uranium from Russia—most comes from Kazakhstan, Canada, and Australia—the restriction is meant to pressure Rosatom, the state nuclear giant, and reduce Europe's residual dependence on Moscow for reactor fuel.
Why now
The timing ties to both the war in Ukraine and growing concern over Russia using crypto to offset the effect of earlier sanctions. Intelligence reports this spring showed a spike in crypto transfers from Russian-linked wallets to exchanges in jurisdictions with lighter oversight. The uranium ban also follows similar moves by the US and the EU earlier this year, aligning London with allies. The package was coordinated with the G7 group, though the UK acted unilaterally on the crypto element.
What affected firms need to do
For UK crypto exchanges and wallet providers, the obligation is immediate: stop servicing any Russian-sanctioned counterparties and report suspicious activity to OFSI. The regulator has said it will issue detailed guidance within two weeks. Non-compliance carries fines and potential criminal charges. For the nuclear sector, the ban applies to new contracts from today; existing deals have a six-month wind-down period.
