finance
UK Sanctions Huobi and Ruble Stablecoin Issuer Over Russia Links
The United Kingdom imposed sanctions on 18 entities and individuals, including crypto exchange Huobi and a Kyrgyzstan-linked stablecoin issuer. The measures require U.K. firms to freeze funds and trace transactions connected to the designated parties.
May 26, 1:33 PM·1m read1 source
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The United Kingdom imposed sanctions on 18 entities and individuals accused of assisting Russia in evading Western restrictions and financing its activities in Ukraine. K. , operator of the HTX exchange, and Open Joint Stock Company “Virtual Asset Issuer,” the entity behind the USDKG gold-backed stablecoin.
Other designated firms are Rapira Group LLC, Aifory LLC, Arvix LLC and Bitpapa IC FZC LLC. Named individuals are Sergey Mendeleev, Igor Gorin, Irina Akopyan and Israeli national Liran Cohen. British officials said the measures focus on Russia’s “illicit financial infrastructure,” including the A7 payments network, which they stated moved more than $90 billion last year.
U.K. applied Regulation 17A of its Russia sanctions regime to crypto exchanges, a provision previously used against banks. K. financial firms and crypto service providers must avoid correspondent relationships and may be required to freeze funds and trace blockchain transactions.
Blockchain analytics firm Elliptic reported that HTX is suspected of providing services to both the A7 network and Garantex, a Russian exchange previously sanctioned by Western authorities. Garantex rebranded to Grinex earlier in 2026 and halted operations last month after a reported $13 million hack.
The sanctions took effect immediately. CoinDesk stated it had contacted Huobi for comment but received no response by publication time.
