UK Sanctions HTX and A7 Network to Curb Russian War Funding

The United Kingdom imposed a sanctions package on May 26, 2026, targeting the A7 network, a Kremlin-backed ruble-based settlement system. The measures include 18 new designations against cryptocurrency exchanges, financial firms, and individuals accused of helping Russia evade Western restrictions. The A7 network, led by businessman Ilan Shor and linked to state lender Promsvyazbank, reportedly moved over $90 billion last year—nearly half of Russia's annual military spending—including $1.5 billion channeled back into Russia through the ruble-pegged stablecoin A7A5.

Foreign Secretary Yvette Cooper stated the sanctions target the infrastructure underpinning Russia's war economy. Specifically, the UK sanctioned Huobi Global S.A. (now HTX) and A7 LLC. In response, HTX denied the allegations, asserting that Huobi Global S.A. is a distinct entity from the online HTX exchange and that it had rejected the listing of the A7A5 stablecoin. This was supported by A7A5 executive Oleg Ogienko, who noted that major exchanges feared secondary sanctions. Following the designations, global exchanges including Binance, OKX, Bybit, and Bitget implemented heightened compliance reviews for transactions involving HTX.

The Russian government condemned the measures as unlawful and futile, claiming the state has adapted to external pressure. The sanctions freeze assets and prohibit UK firms from processing payments for the designated actors, including a Kyrgyz bank and several Georgian companies operating Russia-focused trading platforms.