Britain has sanctioned 18 entities, including cryptocurrency exchange HTX, for helping Russia circumvent Western sanctions. HTX is suspected of funneling $1.5 billion to the Kremlin.
The Foreign Office said HTX, registered in Panama, helped the Russian cryptocurrency exchange platform Garantex and the A7 group, both strategic for Moscow.
The A7 network is a Kremlin-backed system designed to bypass Western sanctions, finance military procurement, and process funds from the sale of oil to fund its war economy.
HTX is behind the A7A5 stablecoin, a digital currency pegged to the ruble and conceived as an alternative payment channel for Russian businesses and individuals trading with foreign countries.
The sanctions include restrictions on correspondent banking relationships and payments involving designated entities, such as HTX.
