Inside the Secret Crypto Web: How 18 Firms Became Key Players in Russia’s $90B War Machine Before UK Sanctions Struck

Businesses operating in the United Kingdom must now freeze assets and transactions connected to the sanctioned platforms.

The UK has targeted 18 crypto platforms, banks, and financial networks used by the Kremlin-backed “A7” payment network to bypass international economic restrictions.

The sanctioned entities are accused of processing more than $90 billion in 2025 to fund Russia’s invasion of Ukraine.

 Crypto Platforms Linked to Illicit Russian Flows

A TRM Labs report reveals that Huobi, Exmo Exchange, Bitpapa, and Rapira Group were some of the targeted exchanges, with Huobi alone sending more than $4.9 billion in on-chain transactions to UK-sanctioned entities and the A7 network since 2021. Additionally, $1.13 billion of this occurred 14 months after the March 2025 takedown of Russian crypto exchange Garantex, with $838 million directed specifically to the A7 network last year.

According to TRM’s findings, the crypto activity associated with Russia did not slow down after the Garantex collapse but was instead migrated to successor exchanges and payment platforms like Rapira, Aifory Pro, Grinex.io, and ABCex. Exmo exchange is said to have directly transacted over $19.5 million with sanctioned entities like Garantex and Chatex, while BitPapa was also reported to have transferred millions to these actors.

The report notes that Rapira moved more than $543 million, including $375.6 million tied to Grinex.io, while Aifory Pro transferred over $189 million, of which $175.2 million was attributed to ABCex. Meanwhile, ABCex itself recorded $355 million in transactions across the restricted firms, sending $175.2 million to Aifory Pro, $133.4 million to Garantex, and $38.1 million to Rapira.

The government has now added all 18 sanctioned entities to the UK Consolidated List, with businesses operating in the country now required to freeze any assets connected to them and block transactions involving the listed companies.

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said the Foreign Secretary Yvette Cooper.

She added that the restrictions were being made to cut off the financial flows sustaining Putin’s war in Ukraine.

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Russia-Related Illicit Crypto Activity Has Rebounded

The new measures also extend to target individuals linked to the A7 network. In its report, the government says that the group is backed by a Kyrgyz bank suspected of processing payments within the system, alongside a major global crypto exchange that is believed to have transferred more than $1.5 billion back into Kremlin-linked financial channels.

Meanwhile, a separate TRM Labs analysis discovered that illicit crypto activity went up sharply last year. According to the company, most of that was related to Russian-linked trades, with A7’s A7A5 token contributing $72 billion worth of trades alone while the group’s own wallets accounted for another $39 billion. Most of that money reportedly flowed through Garantex and Grinex.