The UK government just dropped its latest sanctions hammer, and this time a major crypto exchange is caught in the blast radius. Huobi, operating under its HTX rebrand, has been designated alongside 17 other individuals and entities connected to what British officials call the “A7 network,” a sprawling shadow financial system allegedly used to funnel money toward Russia’s war efforts in Ukraine.
The A7 network reportedly facilitated over $90 billion in transactions during 2025 alone. To put that in perspective, that figure represents nearly half of Russia’s total military spending.
What the sanctions actually target
The May 26 sanctions package goes well beyond crypto. Britain expanded trade restrictions to cover uranium imports, certain chemicals, and LNG maritime services, while maintaining limited licensing for processed oil products.
Foreign Secretary Yvette Cooper framed the move as a necessary evolution. Sanctions regimes that worked in 2022 look increasingly outdated when adversaries adapt through crypto networks and shell companies.
