The UK's Foreign, Commonwealth & Development Office (FCDO) announced a new sanctions package Wednesday targeting crypto firms and illicit networks that Moscow uses to dodge Western financial restrictions. The package designates 18 entities, including the Panama-registered company that runs crypto exchange HTX, plus three Georgian firms operating Russia-focused exchanges.
Who got sanctioned
Huobi Global S.A., the Panamanian entity behind the HTX exchange, was sanctioned for allegedly channeling over $1.5 billion back to the Kremlin. The UK also hit EXMO Exchange Limited, ARVIX Limited Liability Company, RAPIRA GROUP LLC, and AIFORY LLC — all Georgian companies that run exchanges serving Russian customers. The broader package targets the A7 network, an illicit financial infrastructure used to move money around sanctions.
The $1.5 billion claim
Officials didn't release detailed evidence publicly, but the allegation is specific: Huobi Global S.A. is accused of funneling that sum to Russia. The sanctions freeze any UK-held assets and bar British firms from dealing with the entities. A spokesperson for HTX pushed back, saying regulatory compliance “remains their absolute top priority” and they “proactively monitor regulatory frameworks.” The exchange didn't directly address the $1.5 billion figure.
The broader crackdown
This is part of a sustained effort. Over the past four years the UK has sanctioned more than 3,300 individuals, businesses, and ships to cut off Kremlin cash flows. International sanctions overall have cost Russia roughly $450 billion — equivalent to four years of war funding, according to the FCDO. Separately, the European Commission earlier this year started looking at banning all crypto transactions linked to Russia.
Foreign Secretary Yvette Cooper said the UK “will continue to expose, disrupt, and dismantle networks enabling Russia's aggression.” HTX's spokesperson didn't say whether the exchange would challenge the designation. The EU's parallel probe into a broader crypto ban is still in early stages, with no firm deadline.
